HB 109 -- LINKED DEPOSIT PROGRAM

SPONSOR:  Wells

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Institutions by a vote of 16 to 0.

Currently, the State Treasurer is not able to invest in any
linked deposit, the value of which is to be lent to a recipient
other than an eligible water supply system or an eligible student
borrower, after December 31, 2015, or invest in any linked
deposit, the value of which is to be lent to any new eligible
facility borrower, after January 1, 2020.  This bill repeals this
provision allowing the State Treasurer to invest in these
deposits after those dates.

The bill contains an emergency clause.

FISCAL NOTE:  No impact on state funds in FY 2012, FY 2013, and
FY 2014.

PROPONENTS:  Supporters say that the bill will remove the
expiration date on this program so that it can continue to help
the citizens of Missouri expand businesses, help the economy, and
create jobs.  The program has continued to grow and prosper since
its inception in 1986.

Testifying for the bill were Representative Wells; Office of the
State Treasurer; Missouri Bankers Association; and Harry
Gallagher, Farm Credit Services.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
96th General Assembly, 1st Regular Session
Last Updated August 9, 2011 at 1:14 pm