TO: | Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB345 by Flynn (Relating to the collateralization of certain public funds.), As Introduced |
The bill would amend statute to provide for one or more collateral pools for centralized collateralization of two or more identifiable participating institutions' deposits of public funds. The Comptroller indicates that savings, if any, cannot be estimated because the number of work hours that might be saved cannot be quantified.
This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either within or outside of the Treasury, or create a dedicated revenue source. Therefore, the fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
The bill would take effect September 1, 2007.
Source Agencies: | 304 Comptroller of Public Accounts, 451 Department of Banking
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LBB Staff: | JOB, JRO, JM
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