The bill introduces comprehensive regulations for the deposit and investment of public moneys by governmental units in Kansas. It requires financial institutions, such as banks and savings associations, to secure deposits that exceed federally insured amounts through a pooled method, with the state treasurer responsible for establishing the necessary procedures. The bill also clarifies definitions related to governmental units and public moneys, outlines the responsibilities of the state treasurer, and sets penalties for non-compliance. Additionally, it mandates that any bond required for public fund deposits must equal the amount on deposit minus federal insurance, and it specifies acceptable collateral types for these funds.

Moreover, the bill abolishes certain funds related to municipal investment pools and requires compliance certifications from governmental units. It mandates that investment policies for cities, counties, and school districts be approved by the pooled money investment board, focusing on key factors such as liquidity and safety of principal. The bill also introduces a fee structure for revenue bond applications and emphasizes secure investment practices. By streamlining the investment process and enhancing the security of public funds, the bill aims to provide clear guidelines for financial institutions and governmental entities, with an effective date set for January 1, 2026.

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