The bill introduces new regulations for the deposit and investment of public moneys in Kansas, mandating that banks, savings and loan associations, and savings banks secure governmental unit deposits exceeding FDIC insurance limits through a public moneys pooled method. The state treasurer is tasked with creating procedures for this method, while financial institutions must provide specific information upon request from governmental units. The bill also prohibits investment advisers from engaging in principal transactions involving public moneys and allows governmental units to negotiate investment rates with financial institutions. Key definitions are clarified, and the responsibilities of the treasurer and financial institutions are outlined, including penalties for non-compliance and a process for handling defaults.

Additionally, the bill amends existing laws to streamline language by replacing "municipal or quasi-municipal corporation" with "governmental unit." It specifies that the required bond amount must equal the public funds on deposit minus the FDIC-insured amount, and it details acceptable securities for managing these deposits. The bill abolishes the municipal investment pool reserve fund and modifies conditions for municipalities making deposits in the municipal investment pool fund, ensuring that deposits align with existing maturity offerings. New reporting requirements for the pooled money investment board are established, including an annual report to the legislature on approved investment policies, while several outdated statutes are repealed to simplify the legal framework governing municipal investments.

Statutes affected:
As introduced: 9-1402, 10-131, 12-1675a, 12-1675, 12-1677a, 75-4237, 75-4232
Sub: 9-1402, 12-1675, 12-1677a, 12-1677b, 75-4237, 75-4232
As Amended by Senate Committee: 9-1402, 12-1675, 12-1677a, 12-1677b, 75-4237, 75-4232
Enrolled: 9-1402, 12-1675, 12-1677a, 12-1677b, 75-4237, 75-4232