Kentucky 2020 Regular Session Status: Passed House

HB 565 — AN ACT relating to the Treasury.

Last action — to State & Local Government (S)

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2020 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

48 added · 48 removed

48 line(s) added, 48 removed.

→
Previous
Latest
UNOFFICIAL COPY 20 RS BR 1832 AN ACT relating to the Treasury.
UNOFFICIAL COPY 20 RS HB 565/GA AN ACT relating to the Treasury.
[(b) "Warrant" means a printed or electronic authorization from the Finance and Page 1 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 Administration Cabinet for the Treasurer to issue a check;] (g)[(c)] "Form" or "report" means any written method of transporting data;
[(b) "Warrant" means a printed or electronic authorization from the Finance and Page 1 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA Administration Cabinet for the Treasurer to issue a check;] (g)[(c)] "Form" or "report" means any written method of transporting data;
Page 2 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (4) The salary of the assistant shall be fixed by the Treasurer, subject to the provisions of KRS Chapter 18A[12.050, 12.060, 18A.020, 18A.095 to 18A.110, 18A.120 to 18A.165, 18A.180 and 18A.185].
Page 2 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (4) The salary of the assistant shall be fixed by the Treasurer, subject to the provisions of KRS Chapter 18A[12.050, 12.060, 18A.020, 18A.095 to 18A.110, 18A.120 to 18A.165, 18A.180 and 18A.185].
The State Treasurer, with Page 3 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 the approval of the Finance and Administration Cabinet, may authorize other agencies to deposit receipts directly with a state depository[ designated by the Treasury] to the credit of the State Treasury if the Treasurer prescribes the manner in which the deposit is to be made, and the forms and reports to be filed with the Treasury Department.
The State Treasurer, with Page 3 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA the approval of the Finance and Administration Cabinet, may authorize other agencies to deposit receipts directly with a state depository[ designated by the Treasury] to the credit of the State Treasury if the Treasurer prescribes the manner in which the deposit is to be made, and the forms and reports to be filed with the Treasury Department.
(2) All warrants issued in accordance with the provisions of this chapter shall, when signed by the secretary of the Finance and Administration Cabinet or an assistant designated by him or her, constitute full and sufficient authority to the Treasurer for Page 4 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 the disbursement of public money in the amount set forth.
(2) All warrants issued in accordance with the provisions of this chapter shall, when signed by the secretary of the Finance and Administration Cabinet or an assistant designated by him or her, constitute full and sufficient authority to the Treasurer for Page 4 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA the disbursement of public money in the amount set forth.
The Finance and Administration Cabinet Page 5 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 shall obtain a payee's prior, written consent for the payment of funds due him from the State Treasury by means of direct deposit rather than by means of a paper check issued to him.
The Finance and Administration Cabinet Page 5 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA shall obtain a payee's prior, written consent for the payment of funds due him from the State Treasury by means of direct deposit rather than by means of a paper check issued to him.
(3) If no banks are designated as state depositories in accordance with this section, all banks as defined in Section 1 of this Act shall be considered eligible state Page 6 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 depositories.
(3) If no banks are designated as state depositories in accordance with this section, all banks as defined in Section 1 of this Act shall be considered eligible state Page 6 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA depositories.
and Page 7 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 2.
and Page 7 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA 2.
(2) (a) As an alternative to subsection (1)(a) of this section, a state[Kentucky] depository insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation may either pledge to the State Treasurer, as collateral, securities or other obligations having an aggregate face value or a current quoted market value or provide to the State Treasurer a surety bond or surety bonds in an amount equal to eighty percent Page 8 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (80%) of the value of the state deposit including demand and time accounts, if the state depository is determined by the State Investment Commission to have very strong credit with little or no credit risk at any maturity level and the likelihood of short-term unexpected problems of significance is minimal or not of a serious or long-term nature.
(2) (a) As an alternative to subsection (1)(a) of this section, a state[Kentucky] depository insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation may either pledge to the State Treasurer, as collateral, securities or other obligations having an aggregate face value or a current quoted market value or provide to the State Treasurer a surety bond or surety bonds in an amount equal to eighty percent Page 8 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (80%) of the value of the state deposit including demand and time accounts, if the state depository is determined by the State Investment Commission to have very strong credit with little or no credit risk at any maturity level and the likelihood of short-term unexpected problems of significance is minimal or not of a serious or long-term nature.
(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 Page 9 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 pledged for the payment of the principal and interest thereof, and any bonds, notes, debentures, letters of credit, or any other obligations issued or guaranteed by any federal governmental agency or instrumentality, presently or in the future established by an Act of Congress, as amended or supplemented from time to time, including, without limitation, the United States government corporations listed in KRS 66.480(1)(c);
(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 Page 9 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA pledged for the payment of the principal and interest thereof, and any bonds, notes, debentures, letters of credit, or any other obligations issued or guaranteed by any federal governmental agency or instrumentality, presently or in the future established by an Act of Congress, as amended or supplemented from time to time, including, without limitation, the United States government corporations listed in KRS 66.480(1)(c);
The execution of the bond or the pledge of the warrants or bonds required by KRS 41.240 shall not diminish the liability of the Treasurer and his or her sureties upon his or her bond, nor impair or delay the right of the state to recover on the Treasurer's bond for any Page 10 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 loss or misapplication of the public funds or other delinquency in office, nor impair or delay the right of the state to recover from any delinquent or defaulting bank, or the officers or stockholders thereof, in the same manner as other depositors.
The execution of the bond or the pledge of the warrants or bonds required by KRS 41.240 shall not diminish the liability of the Treasurer and his or her sureties upon his or her bond, nor impair or delay the right of the state to recover on the Treasurer's bond for any Page 10 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA loss or misapplication of the public funds or other delinquency in office, nor impair or delay the right of the state to recover from any delinquent or defaulting bank, or the officers or stockholders thereof, in the same manner as other depositors.
(2) The Treasurer shall make a clear, distinct, and intelligible report of all money Page 11 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 received and disbursed during each fiscal year showing the receipts and expenditures of each year on account of every department of the public service, the name of each state depository, and the rate of interest paid by it.
(2) The Treasurer shall make a clear, distinct, and intelligible report of all money Page 11 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA received and disbursed during each fiscal year showing the receipts and expenditures of each year on account of every department of the public service, the name of each state depository, and the rate of interest paid by it.
The Page 12 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 Treasurer shall, at all times when called upon by the Governor, exhibit his or her books and accounts of the Treasury and all[his] cash on hand or on deposit.
The Page 12 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA Treasurer shall, at all times when called upon by the Governor, exhibit his or her books and accounts of the Treasury and all[his] cash on hand or on deposit.
Page 13 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (4) Nothing in this section shall be construed as limiting the right of the Auditor to review the accounts and inventory of the Treasurer at other times as the Auditor may deem necessary or appropriate, or as required by KRS 43.060.
Page 13 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (4) Nothing in this section shall be construed as limiting the right of the Auditor to review the accounts and inventory of the Treasurer at other times as the Auditor may deem necessary or appropriate, or as required by KRS 43.060.
Page 14 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (2) The payee receiving a duplicate check shall make good any loss the Commonwealth or the Treasurer may sustain on account of the issuance of the duplicate or the presentation and payment of the original, if the loss has been caused by actions of the payee.
Page 14 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (2) The payee receiving a duplicate check shall make good any loss the Commonwealth or the Treasurer may sustain on account of the issuance of the duplicate or the presentation and payment of the original, if the loss has been caused by actions of the payee.
(b) Obligations and contracts for future delivery or purchase of obligations backed by the full faith and credit of the United States or a United States government Page 15 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 agency, including but not limited to:
(b) Obligations and contracts for future delivery or purchase of obligations backed by the full faith and credit of the United States or a United States government Page 15 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA agency, including but not limited to:
Page 16 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (g) Commercial paper rated in the highest category by a competent rating agency;
Page 16 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (g) Commercial paper rated in the highest category by a competent rating agency;
Page 17 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (2) The investment authority provided by subsection (1) of this section shall be subject to the following limitations:
Page 17 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (2) The investment authority provided by subsection (1) of this section shall be subject to the following limitations:
The money is invested in securities issued by a state or local government, or any instrumentality or agency thereof, in the United Page 18 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 States as authorized in subsection (1)(i) of this section.
The money is invested in securities issued by a state or local government, or any instrumentality or agency thereof, in the United Page 18 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA States as authorized in subsection (1)(i) of this section.
(4) Sheriffs, county clerks, and jailers, who for the purposes of this section shall be Page 19 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 known as county officials, may invest and reinvest money subject to their control and jurisdiction, including tax dollars subject to the provisions of KRS Chapter 134 and 160.510, as permitted by this section.
(4) Sheriffs, county clerks, and jailers, who for the purposes of this section shall be Page 19 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA known as county officials, may invest and reinvest money subject to their control and jurisdiction, including tax dollars subject to the provisions of KRS Chapter 134 and 160.510, as permitted by this section.
Each county and each Page 20 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 county official and each city may invest in a pool created pursuant to this subsection.
Each county and each Page 20 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA county official and each city may invest in a pool created pursuant to this subsection.
The state local debt officer may promulgate administrative regulations, pursuant to KRS Chapter 13A, governing the operation of the investment pool, including but not limited to provisions on minimum allowable investments and investment periods, and method and timing of investments, withdrawals, Page 21 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 payment of earnings, and assignment of charges.
The state local debt officer may promulgate administrative regulations, pursuant to KRS Chapter 13A, governing the operation of the investment pool, including but not limited to provisions on minimum allowable investments and investment periods, and method and timing of investments, withdrawals, Page 21 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA payment of earnings, and assignment of charges.
After preliminary review, should discrepancies be found, the Auditor of Public Accounts may make his or her own investigative report or Page 22 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 audit to verify the findings of the independent certified public accountant's report.
After preliminary review, should discrepancies be found, the Auditor of Public Accounts may make his or her own investigative report or Page 22 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA audit to verify the findings of the independent certified public accountant's report.
Page 23 of 24 BR183200.100 - 1832 - XXXX Jacketed UNOFFICIAL COPY 20 RS BR 1832 (2) Any officer, agent or employee of any budget unit who willfully fails or refuses to comply with, or expends any money in violation of, any of the provisions of KRS 41.070, 41.110 to 41.160[41.170], 41.210, 41.220, 41.260, 41.270, 41.290 or 41.300 shall be subject to indictment in the Franklin Circuit Court, and upon conviction shall be fined not less than fifty (50) nor more than five hundred dollars ($500) for each offense.
Page 23 of 24 HB056510.100 - 1832 - XXXX GA UNOFFICIAL COPY 20 RS HB 565/GA (2) Any officer, agent or employee of any budget unit who willfully fails or refuses to comply with, or expends any money in violation of, any of the provisions of KRS 41.070, 41.110 to 41.160[41.170], 41.210, 41.220, 41.260, 41.270, 41.290 or 41.300 shall be subject to indictment in the Franklin Circuit Court, and upon conviction shall be fined not less than fifty (50) nor more than five hundred dollars ($500) for each offense.
Page 24 of 24 BR183200.100 - 1832 - XXXX Jacketed
Page 24 of 24 HB056510.100 - 1832 - XXXX GA
⬇ Download PDF
View plain text versions (2)

Action History

  1. to State & Local Government (S)

  2. received in Senate

  3. 3rd reading, passed 86-8

  4. posted for passage in the Regular Orders of the Day for Wednesday, March 11, 2020

  5. 2nd reading, to Rules

  6. reported favorably, 1st reading, to Calendar

  7. posted in committee

  8. to State Government (H)

  9. introduced in House

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 0 co-sponsors · 138 not signed on · 4 voted No

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (138)

138 members have not signed on to this bill.

Show all 138 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Pass

Passed 86 Yea · 8 Nay · 6 Other
Party YeaNayPresentNot Voting
Republican 30001
Unaffiliated 53405
Democrat 3400
Total 86806
% of votes cast 86%8%0%6%
How each member voted (100)
Member Party Vote
Fischer — Yea
Santoro — Yea
Bechler — Yea
Flood — Yea
Huff T — Yea
Schamore — Yea
Bentley — Yea
Frazier — Yea
Minter — Yea
Sheldon — Yea
Sims — Yea
Koenig — Yea
Nemes — Yea
Sorolis — Yea
Glenn — Yea
Stewart — Yea
Branham Clark — Yea
Goforth — Yea
Lee — Yea
Stone — Yea
Lewis D — Yea
Pratt — Yea
Brenda — Yea
Graham — Yea
Lewis S — Yea
Prunty — Yea
Graviss — Yea
Rand — Yea
Thomas — Yea
Brown G — Yea
Massey — Yea
Raymond — Yea
Turner — Yea
Burch — Yea
Harris — Yea
Cantrell — Yea
McCoy — Yea
Webber — Yea
Donohue — Yea
Hatton — Yea
Westrom — Yea
Heath — Yea
Meredith — Yea
Rothenburger — Yea
DuPlessis — Yea
Meyer — Yea
Rowland — Yea
Wiederstein — Yea
Hinkle — Yea
Yates — Yea
Booker — Nay
Jenkins — Nay
Meeks — Nay
Wheatley — Nay
Carney — Not Voting
Howard — Not Voting
Palumbo — Not Voting
Scott — Not Voting
Hoover — Not Voting
Huff R — Yea
Miller C — Yea
Miller J — Yea
Al Gentry Democrat Nay
Ashley Tackett Laferty Democrat Yea
Lisa Willner Democrat Nay
Mary Lou Marzian Democrat Nay
Nima Kulkarni Democrat Yea
Pamela Stevenson Democrat Nay
Tina Bojanowski Democrat Yea
Aaron Reed Republican Yea
Adam Bowling Republican Yea
Bobby McCool Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
Daniel Elliott Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Greg Elkins Republican Yea
James Tipton Republican Not Voting
Jason Petrie Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
Ken Upchurch Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Yea
Mark Hart Republican Yea
Matthew Koch Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Randy Bridges Republican Yea
Richard White Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Steve Bratcher Republican Yea
Steve Riley Republican Yea
Steven Rudy Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What is the current status of HB 565?
This bill died with 2020 Regular Session. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 565?
Track HB 565 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on HB 565

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of HB 565

Last checked for changes 2 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →