Date: 02/26/2009

Final
BILL SUMMARY for HB09-1257

SENATE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Refer House Bill 09-1257 to the Committee of the WPASS



10:20 AM -- House Bill 09-1257

Senator Scheffel, prime sponsor, presented House Bill 09-1257. This bill amends the current cap on public funds invested in a certificate of deposit (CD) in a bank or saving and loan association. The current cap in state law is set at $100,000. The bill states that the amount of public funds invested in a CD may not exceed the amount insured by the Federal Deposit Insurance Corporation (FDIC). Senator Scheffel explained that the FDIC limit has recently been increased from $100,000 to $250,000, and the bill allows the state limit on public funds invested in CDs to increase when the FDIC increases the amount insured.

The following person testified on the bill:

10:22 AM -- Ms. Barbara Walker, representing the Independent Bankers of Colorado, testified in support of the bill. She stated that the bill would allow for flexibility so that the public funding cap could adjust when a new cap is set by the FDIC.


10:22 AM

Senator Sandoval closed public testimony.
BILL:HB09-1257
TIME: 10:23:11 AM
MOVED:Scheffel
MOTION:Refer House Bill 09-1257 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed 6-0, with one excused.
SECONDED:
VOTE
Brophy
Yes
Heath
Excused
Isgar
Yes
King K.
Yes
Scheffel
Yes
Hudak
Yes
Sandoval
Yes
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS