LRB-2049/1
ARG:kjf
2017 - 2018 LEGISLATURE
April 11, 2017 - Introduced by Representatives Katsma, Ballweg, Bernier, E.
Brooks, R. Brooks, Duchow, Felzkowski, Gannon, Knodl, Kulp, Macco,
Murphy, Novak, Quinn, Ripp, Rohrkaste, Skowronski, Spiros, Steffen and
Tittl, cosponsored by Senators Testin,
Marklein, Stroebel and Wanggaard.
Referred to Committee on Local Government.
AB229,1,2
1An Act to amend 66.0603 (1m) (a) 1. of the statutes;
relating to: investment
2of surplus money by local units of government.
Analysis by the Legislative Reference Bureau
This bill allows local governments to invest surplus money in financial
institutions' time deposits without limit on the duration of the investment.
Current law contains a list of permissible investments in which a municipality,
county, or other local governmental unit may invest money that is not immediately
needed. Among these permissible investments are time deposits (which typically
take the form of certificates of deposit, or CDs) in a credit union, bank, savings bank,
trust company, or savings and loan association (financial institution) if the time
deposit matures in not more than three years.
This bill eliminates the three-year maturity limitation, allowing a
municipality, county, or other local governmental unit to invest surplus money in a
time deposit in a financial institution regardless of the investment's maturity date.
For further information see the local fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB229,1
3Section
1. 66.0603 (1m) (a) 1. of the statutes is amended to read:
AB229,2,3
166.0603
(1m) (a) 1. Time deposits in any credit union, bank, savings bank, trust
2company
, or savings and loan association which is authorized to transact business
3in this state
if the time deposits mature in not more than 3 years.
