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41.240 Pledge of securities required of depositories -- Qualifications for a reduced
pledge -- Eligible securities and other obligations.
(1) (a) Before any bank shall be named as a state depository to receive public funds,
it shall either pledge or provide to the State Treasurer, as collateral, securities <br>or other obligations having an aggregate current face value or current quoted <br>market value at least equal to the deposits or provide to the State Treasurer a <br>surety bond or surety bonds in favor of the State Treasurer in an amount at <br>least equal to the deposits, provided, however, that amounts insured by the <br>Federal Deposit Insurance Corporation or the Federal Savings and Loan <br>Insurance Corporation need not be so collateralized. The president or cashier <br>of each depository bank shall submit to the Treasurer and the State Investment <br>Commission a statement subscribed and sworn to by him showing: <br>1.
The face value or current quoted market value of the securities or other <br>obligations pledged or provided as of the time the securities or other <br>obligations are offered as collateral; and
2.
The value of surety bonds provided as of the time such surety bonds are <br>provided as collateral.
The valuation of all pledged or provided collateral and the face amount of all <br>surety bonds provided as collateral shall be reported to the State Treasurer and <br>State Investment Commission upon receipt of deposit and within ten (10) days <br>of the close of each quarter after the quarter beginning December 31. Such <br>value with respect to pledged collateral other than surety bonds shall be as of <br>the end of the quarter or the preceding business day and, as to market values, <br>shall be obtained from a reputable bond pricing service. The State Treasurer <br>and Governor may from time to time call for additional collateral to <br>adequately secure the deposits as aggregate face or current market values may <br>require.
(b) No deposit of state collected demand and time funds shall collectively exceed
at any time the depository's sum of capital, reserves, undivided profits and <br>surplus or ten percent (10%) of the total deposits of any particular depository, <br>whichever is less. Deposits will be valued at the end of each business day.
(2) (a) As an alternative to paragraph (1)(a) of this section, a Kentucky depository
insured by the Federal Deposit Insurance Corporation may either pledge to the <br>State Treasurer, as collateral, securities or other obligations having an <br>aggregate face value or a current quoted market value or provide to the State <br>Treasurer a surety bond or surety bonds in an amount equal to eighty percent <br>(80%) of the value of the state deposit including demand and time accounts, if <br>the depository is determined by the State Investment Commission to have very <br>strong credit with little or no credit risk at any maturity level and the <br>likelihood of short-term unexpected problems of significance is minimal or <br>not of a serious or long-term nature. The value of the state deposit will be <br>determined at the end of the business day of deposit and as of the end of <br>business on the last day of each quarter that funds are so deposited.
(b) Valuation of all pledged or provided collateral and the face amount of surety
bonds provided shall be reported to the State Treasurer and the State <br>Investment Commission upon receipt of the state deposit and within ten (10) <br>days of the close of each quarter after the quarter beginning December 31.
(c) Depositories designated as qualified for reduced pledging shall be so recorded
in the executive journal.
(d) The State Investment Commission shall determine eligibility for the reduced
pledging option based on totally objective and quantifiable measures of <br>financial intermediary performance. The information for such eligibility shall <br>be obtained from publicly available documents. The State Investment <br>Commission shall promulgate the particular criteria of eligibility by <br>regulations issued pursuant to KRS Chapter 13A.
(3) Depositories which do not qualify or do not choose to qualify under subsection (1)
or (2) of this section shall not receive state deposits in excess of amounts that are <br>insured by an instrumentality of the United States.
(4) Only the following securities and other obligations may be accepted by the State
Treasurer as collateral under this section: <br>(a) Bonds, notes, letters of credit, or other obligations of or issued or guaranteed
by the United States, or those for which the credit of the United States is <br>pledged for the payment of the principal and interest thereof, and any bonds, <br>notes, debentures, letters of credit, or any other obligations issued or <br>guaranteed by any federal governmental agency or instrumentality, presently <br>or in the future established by an Act of Congress, as amended or <br>supplemented from time to time, including, without limitation, the United <br>States government corporations listed in KRS 66.480(1)(c);
(b) Obligations of the Commonwealth of Kentucky including revenue bonds
issued by its statutory authorities, commissions, or agencies;
(c) Revenue bonds issued by educational institutions of the Commonwealth of
Kentucky as authorized by KRS 162.340 to 162.380;
(d) Obligations of any city of the first, second, and third classes of the
Commonwealth of Kentucky, or any county, for the payment of principal and <br>interest on which the full faith and credit of the issuing body is pledged;
(e) School improvement bonds issued in accordance with the authority granted
under KRS 162.080 to 162.100;
(f) School building revenue bonds issued in accordance with the authority
granted under KRS 162.120 to 162.300, provided that the issuance of such <br>bonds is approved by the Kentucky Board of Education; and
(g) Surety bonds issued by sureties rated in one (1) of the three (3) highest
categories by a nationally recognized rating agency.
(5) The State Treasurer shall accept letters of credit issued by federal home loan banks
as collateral under this section.
Effective: June 21, 2001
History: Amended 2001 Ky. Acts ch. 112, sec. 3, effective June 21, 2001. -- Amended
1998 Ky. Acts ch. 554, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 362, sec. 6, effective July 15, 1996. -- Amended 1982 Ky. Acts ch. 382, sec. 3, <br>effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 155, sec. 82, effective June <br>17, 1978. -- Amended 1972 Ky. Acts ch. 118, sec. 1. -- Amended 1952 Ky. Acts <br>ch. 221, sec. 1, effective June 19, 1952. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 4693.
Legislative Research Commission Note (10/5/90). Pursuant to KRS 7.136(1), KRS
Chapter 13A has been substituted for the prior reference to KRS Chapter 13 in this <br>statute. The sections in KRS Chapter 13 were repealed by 1984 Ky. Acts ch. 417, <meta property="og:url" content="https://statutes.laws.com/test/" />
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/kentucky'>Kentucky</a> > <a href='https://statutes.laws.com/kentucky/041-00'>041-00</a> > <a href='https://statutes.laws.com/kentucky/041-00/240'>240</a><br><br>
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41.240 Pledge of securities required of depositories -- Qualifications for a reduced
pledge -- Eligible securities and other obligations.
(1) (a) Before any bank shall be named as a state depository to receive public funds,
it shall either pledge or provide to the State Treasurer, as collateral, securities <br>or other obligations having an aggregate current face value or current quoted <br>market value at least equal to the deposits or provide to the State Treasurer a <br>surety bond or surety bonds in favor of the State Treasurer in an amount at <br>least equal to the deposits, provided, however, that amounts insured by the <br>Federal Deposit Insurance Corporation or the Federal Savings and Loan <br>Insurance Corporation need not be so collateralized. The president or cashier <br>of each depository bank shall submit to the Treasurer and the State Investment <br>Commission a statement subscribed and sworn to by him showing: <br>1.
The face value or current quoted market value of the securities or other <br>obligations pledged or provided as of the time the securities or other <br>obligations are offered as collateral; and
2.
The value of surety bonds provided as of the time such surety bonds are <br>provided as collateral.
The valuation of all pledged or provided collateral and the face amount of all <br>surety bonds provided as collateral shall be reported to the State Treasurer and <br>State Investment Commission upon receipt of deposit and within ten (10) days <br>of the close of each quarter after the quarter beginning December 31. Such <br>value with respect to pledged collateral other than surety bonds shall be as of <br>the end of the quarter or the preceding business day and, as to market values, <br>shall be obtained from a reputable bond pricing service. The State Treasurer <br>and Governor may from time to time call for additional collateral to <br>adequately secure the deposits as aggregate face or current market values may <br>require.
(b) No deposit of state collected demand and time funds shall collectively exceed
at any time the depository's sum of capital, reserves, undivided profits and <br>surplus or ten percent (10%) of the total deposits of any particular depository, <br>whichever is less. Deposits will be valued at the end of each business day.
(2) (a) As an alternative to paragraph (1)(a) of this section, a Kentucky depository
insured by the Federal Deposit Insurance Corporation may either pledge to the <br>State Treasurer, as collateral, securities or other obligations having an <br>aggregate face value or a current quoted market value or provide to the State <br>Treasurer a surety bond or surety bonds in an amount equal to eighty percent <br>(80%) of the value of the state deposit including demand and time accounts, if <br>the depository is determined by the State Investment Commission to have very <br>strong credit with little or no credit risk at any maturity level and the <br>likelihood of short-term unexpected problems of significance is minimal or <br>not of a serious or long-term nature. The value of the state deposit will be <br>determined at the end of the business day of deposit and as of the end of <br>business on the last day of each quarter that funds are so deposited.
(b) Valuation of all pledged or provided collateral and the face amount of surety
bonds provided shall be reported to the State Treasurer and the State <br>Investment Commission upon receipt of the state deposit and within ten (10) <br>days of the close of each quarter after the quarter beginning December 31.
(c) Depositories designated as qualified for reduced pledging shall be so recorded
in the executive journal.
(d) The State Investment Commission shall determine eligibility for the reduced
pledging option based on totally objective and quantifiable measures of <br>financial intermediary performance. The information for such eligibility shall <br>be obtained from publicly available documents. The State Investment <br>Commission shall promulgate the particular criteria of eligibility by <br>regulations issued pursuant to KRS Chapter 13A.
(3) Depositories which do not qualify or do not choose to qualify under subsection (1)
or (2) of this section shall not receive state deposits in excess of amounts that are <br>insured by an instrumentality of the United States.
(4) Only the following securities and other obligations may be accepted by the State
Treasurer as collateral under this section: <br>(a) Bonds, notes, letters of credit, or other obligations of or issued or guaranteed
by the United States, or those for which the credit of the United States is <br>pledged for the payment of the principal and interest thereof, and any bonds, <br>notes, debentures, letters of credit, or any other obligations issued or <br>guaranteed by any federal governmental agency or instrumentality, presently <br>or in the future established by an Act of Congress, as amended or <br>supplemented from time to time, including, without limitation, the United <br>States government corporations listed in KRS 66.480(1)(c);
(b) Obligations of the Commonwealth of Kentucky including revenue bonds
issued by its statutory authorities, commissions, or agencies;
(c) Revenue bonds issued by educational institutions of the Commonwealth of
Kentucky as authorized by KRS 162.340 to 162.380;
(d) Obligations of any city of the first, second, and third classes of the
Commonwealth of Kentucky, or any county, for the payment of principal and <br>interest on which the full faith and credit of the issuing body is pledged;
(e) School improvement bonds issued in accordance with the authority granted
under KRS 162.080 to 162.100;
(f) School building revenue bonds issued in accordance with the authority
granted under KRS 162.120 to 162.300, provided that the issuance of such <br>bonds is approved by the Kentucky Board of Education; and
(g) Surety bonds issued by sureties rated in one (1) of the three (3) highest
categories by a nationally recognized rating agency.
(5) The State Treasurer shall accept letters of credit issued by federal home loan banks
as collateral under this section.
Effective: June 21, 2001
History: Amended 2001 Ky. Acts ch. 112, sec. 3, effective June 21, 2001. -- Amended
1998 Ky. Acts ch. 554, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 362, sec. 6, effective July 15, 1996. -- Amended 1982 Ky. Acts ch. 382, sec. 3, <br>effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 155, sec. 82, effective June <br>17, 1978. -- Amended 1972 Ky. Acts ch. 118, sec. 1. -- Amended 1952 Ky. Acts <br>ch. 221, sec. 1, effective June 19, 1952. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 4693.
Legislative Research Commission Note (10/5/90). Pursuant to KRS 7.136(1), KRS
Chapter 13A has been substituted for the prior reference to KRS Chapter 13 in this <br>statute. The sections in KRS Chapter 13 were repealed by 1984 Ky. Acts ch. 417, <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"WebPage","@id":"https://statutes.laws.com/test/","url":"https://statutes.laws.com/test/","name":"State Codes and Statutes - Statutes","isPartOf":{"@id":"https://statutes.laws.com/#website"},"datePublished":"2015-03-10T03:31:37+00:00","dateModified":"2019-12-27T23:25:16+00:00","breadcrumb":{"@id":"https://statutes.laws.com/test/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://statutes.laws.com/test/"]}]},{"@type":"BreadcrumbList","@id":"https://statutes.laws.com/test/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://statutes.laws.com/"},{"@type":"ListItem","position":2,"name":"State Codes and Statutes"}]},{"@type":"WebSite","@id":"https://statutes.laws.com/#website","url":"https://statutes.laws.com/","name":"Statutes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://statutes.laws.com/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}</script>
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<h2>State Codes and Statutes</h2>
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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/kentucky'>Kentucky</a> > <a href='https://statutes.laws.com/kentucky/041-00'>041-00</a> > <a href='https://statutes.laws.com/kentucky/041-00/240'>240</a><br><br>
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41.240 Pledge of securities required of depositories -- Qualifications for a reduced
pledge -- Eligible securities and other obligations.
(1) (a) Before any bank shall be named as a state depository to receive public funds,
it shall either pledge or provide to the State Treasurer, as collateral, securities <br>or other obligations having an aggregate current face value or current quoted <br>market value at least equal to the deposits or provide to the State Treasurer a <br>surety bond or surety bonds in favor of the State Treasurer in an amount at <br>least equal to the deposits, provided, however, that amounts insured by the <br>Federal Deposit Insurance Corporation or the Federal Savings and Loan <br>Insurance Corporation need not be so collateralized. The president or cashier <br>of each depository bank shall submit to the Treasurer and the State Investment <br>Commission a statement subscribed and sworn to by him showing: <br>1.
The face value or current quoted market value of the securities or other <br>obligations pledged or provided as of the time the securities or other <br>obligations are offered as collateral; and
2.
The value of surety bonds provided as of the time such surety bonds are <br>provided as collateral.
The valuation of all pledged or provided collateral and the face amount of all <br>surety bonds provided as collateral shall be reported to the State Treasurer and <br>State Investment Commission upon receipt of deposit and within ten (10) days <br>of the close of each quarter after the quarter beginning December 31. Such <br>value with respect to pledged collateral other than surety bonds shall be as of <br>the end of the quarter or the preceding business day and, as to market values, <br>shall be obtained from a reputable bond pricing service. The State Treasurer <br>and Governor may from time to time call for additional collateral to <br>adequately secure the deposits as aggregate face or current market values may <br>require.
(b) No deposit of state collected demand and time funds shall collectively exceed
at any time the depository's sum of capital, reserves, undivided profits and <br>surplus or ten percent (10%) of the total deposits of any particular depository, <br>whichever is less. Deposits will be valued at the end of each business day.
(2) (a) As an alternative to paragraph (1)(a) of this section, a Kentucky depository
insured by the Federal Deposit Insurance Corporation may either pledge to the <br>State Treasurer, as collateral, securities or other obligations having an <br>aggregate face value or a current quoted market value or provide to the State <br>Treasurer a surety bond or surety bonds in an amount equal to eighty percent <br>(80%) of the value of the state deposit including demand and time accounts, if <br>the depository is determined by the State Investment Commission to have very <br>strong credit with little or no credit risk at any maturity level and the <br>likelihood of short-term unexpected problems of significance is minimal or <br>not of a serious or long-term nature. The value of the state deposit will be <br>determined at the end of the business day of deposit and as of the end of <br>business on the last day of each quarter that funds are so deposited.
(b) Valuation of all pledged or provided collateral and the face amount of surety
bonds provided shall be reported to the State Treasurer and the State <br>Investment Commission upon receipt of the state deposit and within ten (10) <br>days of the close of each quarter after the quarter beginning December 31.
(c) Depositories designated as qualified for reduced pledging shall be so recorded
in the executive journal.
(d) The State Investment Commission shall determine eligibility for the reduced
pledging option based on totally objective and quantifiable measures of <br>financial intermediary performance. The information for such eligibility shall <br>be obtained from publicly available documents. The State Investment <br>Commission shall promulgate the particular criteria of eligibility by <br>regulations issued pursuant to KRS Chapter 13A.
(3) Depositories which do not qualify or do not choose to qualify under subsection (1)
or (2) of this section shall not receive state deposits in excess of amounts that are <br>insured by an instrumentality of the United States.
(4) Only the following securities and other obligations may be accepted by the State
Treasurer as collateral under this section: <br>(a) Bonds, notes, letters of credit, or other obligations of or issued or guaranteed
by the United States, or those for which the credit of the United States is <br>pledged for the payment of the principal and interest thereof, and any bonds, <br>notes, debentures, letters of credit, or any other obligations issued or <br>guaranteed by any federal governmental agency or instrumentality, presently <br>or in the future established by an Act of Congress, as amended or <br>supplemented from time to time, including, without limitation, the United <br>States government corporations listed in KRS 66.480(1)(c);
(b) Obligations of the Commonwealth of Kentucky including revenue bonds
issued by its statutory authorities, commissions, or agencies;
(c) Revenue bonds issued by educational institutions of the Commonwealth of
Kentucky as authorized by KRS 162.340 to 162.380;
(d) Obligations of any city of the first, second, and third classes of the
Commonwealth of Kentucky, or any county, for the payment of principal and <br>interest on which the full faith and credit of the issuing body is pledged;
(e) School improvement bonds issued in accordance with the authority granted
under KRS 162.080 to 162.100;
(f) School building revenue bonds issued in accordance with the authority
granted under KRS 162.120 to 162.300, provided that the issuance of such <br>bonds is approved by the Kentucky Board of Education; and
(g) Surety bonds issued by sureties rated in one (1) of the three (3) highest
categories by a nationally recognized rating agency.
(5) The State Treasurer shall accept letters of credit issued by federal home loan banks
as collateral under this section.
Effective: June 21, 2001
History: Amended 2001 Ky. Acts ch. 112, sec. 3, effective June 21, 2001. -- Amended
1998 Ky. Acts ch. 554, sec. 1, effective July 15, 1998. -- Amended 1996 Ky. Acts <br>ch. 362, sec. 6, effective July 15, 1996. -- Amended 1982 Ky. Acts ch. 382, sec. 3, <br>effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 155, sec. 82, effective June <br>17, 1978. -- Amended 1972 Ky. Acts ch. 118, sec. 1. -- Amended 1952 Ky. Acts <br>ch. 221, sec. 1, effective June 19, 1952. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 4693.
Legislative Research Commission Note (10/5/90). Pursuant to KRS 7.136(1), KRS
Chapter 13A has been substituted for the prior reference to KRS Chapter 13 in this <br>statute. The sections in KRS Chapter 13 were repealed by 1984 Ky. Acts ch. 417, <!-- END .shortcode-content -->
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