Brief ⁽¹⁾

SB 549 concerns the investment of public moneys by public officers. The bill extends the exemption currently available to public officers for any loss sustained by the failure or default of a designated financial institution in which the public officer has deposited funds as required by law. The extension covers the public official whenever the official has acted in good faith to comply with the law governing the deposit and investment of public funds, including the designation of a depository.

Background

SB 549 was requested by several public officials and supported by officials of the City of Lenexa, the City of Wichita, Wichita Public Schools, Sedgwick County, the League of Municipalities, and the Kansas Bankers Association.

The fiscal note prepared by the Division of the Budget indicates passage of the bill would have no fiscal effect.

1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/bill_search.html