HB 1797 -- State Treasurer

Co-Sponsors:  Hilgemann, Scheve, Bray, Van Zandt

This bill makes various changes to the duties and powers of the
State Treasurer.

The bill:

(1)  Requires the State Treasurer each calendar quarter to
calculate an annual rate of interest equal to the average rate of
return on all funds invested by the State Treasurer.  This
calculated interest rate will be forwarded to the Department of
Revenue and other applicable agencies and will be applied to
situations for which the State of Missouri pays interest to
entities on various overpayments received by the state.  Under
current law, interest applied to most overpayments is based on
the adjusted prime rate charged by banks;

(2)  Allows the use of certain regulated money market mutual
funds for investment of funds by the State Treasurer;

(3)  Expands the rate of interest required to be payed by banking
institutions on time deposits of state moneys; and

(4)  Allows the State Treasurer to temporarily exchange certain
investment obligations acquired by the State Treasurer into cash.
Current law only allows exchange in other securities and not into
cash.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:02 am