75-4237. Investment accounts; procedure; market rate; exceptions; reciprocal deposit programs. (a) The director of investments shall accept requests from banks interested in obtaining investment accounts of state moneys. Such requests may be submitted any business day and shall specify the dollar amount and maturity. The director of investments is authorized to award the investment account to the requesting bank at the market rate established by subsection (b). Awards of investment accounts pursuant to this section shall be subject to investment policies of the pooled money investment board. When multiple requests are received and are in excess of the amount available for investment that day for any maturity, awards shall be made available in ascending order from smallest to largest dollar amount requested, subject to investment policies of the board.
(b) The market rate shall be determined each business day by the director of investments, in accordance with any procedures established by the pooled money investment board. Subject to any policies of the board, the market rate shall reflect the highest rate at which state moneys can be invested on the open market in investments authorized by K.S.A. 75-4209(a), and amendments thereto, for equivalent maturities.
(c) (1) Notwithstanding the provisions of this section, linked deposits made pursuant to the provisions of K.S.A. 2-3703 through 2-3707, and amendments thereto, shall be at an interest rate that is 2% less than the market rate determined under this section and that shall be recalculated on the first business day of each calendar year using the market rate then in effect.
(2) Notwithstanding the provisions of this section, agricultural production loan deposits made pursuant to the provisions of K.S.A. 75-4268 through 75-4274, and amendments thereto, shall be at an interest rate that is 2% less than the market rate provided by this section and that shall be recalculated on the first business day of each calendar year using the market rate then in effect.
(3) Notwithstanding the provisions of this section, loan deposits made pursuant to the city utility low-interest loan program shall be at an interest rate that is 2% less than the market rate provided by this section and that shall be recalculated on the first business day of each calendar year using the market rate then in effect.
(4) Notwithstanding the provisions of this section, economic recovery loan deposits made pursuant to the Kansas economic recovery loan deposit program shall be at an interest rate that is 2% less than the market rate provided by this section and that shall be recalculated on the first business day of each calendar year using the market rate then in effect.
(5) Notwithstanding the provisions of this section, extraordinary utility costs loan deposits made pursuant to the Kansas extraordinary utility costs loan deposit program shall be at an interest rate that is 2% less than the market rate provided by this section and that shall be recalculated on the first business day of each calendar year using the market rate then in effect.
(d) (1) The director of investments may place deposits through a selected bank, savings and loan association or savings bank that is part of a reciprocal deposit program in which the bank, savings and loan association or savings bank:
(A) Receives reciprocal deposits from other participating institutions located in the United States in an amount equal to the amount of funds deposited by the municipal corporation or quasi-municipal corporation; and
(B) for which the total cumulative amount of each deposit does not exceed the maximum deposit insurance amount for one depositor at one financial institution as determined by the federal deposit insurance corporation.
(2) Such deposits shall not be treated as securities and need not be secured as provided in this or any other act, except that such deposits shall be secured as provided in K.S.A. 75-4218, and amendments thereto, when they are held by the selected financial institution prior to placement with reciprocal institutions or upon maturity.
(e) The pooled money investment board shall establish procedures for administering reciprocal deposit programs in its investment policies, as authorized by K.S.A. 75-4232, and amendments thereto.
History: L. 1997, ch. 180, § 1; L. 2000, ch. 82, § 16; L. 2000, ch. 159, § 12; L. 2001, ch. 78, § 2; L. 2009, ch. 49, § 3; L. 2021, ch. 4, § 7; L. 2021, ch. 87, § 23; April 29.
Section was also amended by L. 2021, ch. 2, § 9, but that version was repealed by L. 2021, ch. 87, § 25.
Structure Kansas Statutes
Chapter 75 - State Departments; Public Officers And Employees
75-4204 Transfers of state moneys.
75-4205 Operating accounts; designation of banks.
75-4208 Designation of banks to receive state accounts; procedure; award of accounts.
75-4210 Calculation of investment rate.
75-4210a Interest credited to general fund; exceptions.
75-4215 Remittance of state moneys; fee agency accounts; reports; post audit.
75-4216 Disposition and accounting of fees.
75-4217 Agreement for accounts.
75-4218a Security of time deposits under certain statutes.
75-4219 Care and handling of security.
75-4220 Liability of depository banks and affiliates; sale of security.
75-4221 Inadequate security pledged by depository bank; procedures.
75-4223 Banks claiming tax exemptions.
75-4226 Interest requirements not to be in violation of federal law.
75-4228 Criminal and civil liability of treasurer and director of accounts and reports.
75-4229 Criminal liability of board members.
75-4232 Investment policies; director of investments to invest state moneys; rules and regulations.
75-4233 Application of 1992 act.
75-4234 Pooled money investment portfolio; administrative fee; exceptions.
75-4235 Pooled money investment portfolio fee fund; disposition of funds.
75-4236 Director of investments to invest or reinvest moneys of the state or municipality.
75-4237 Investment accounts; procedure; market rate; exceptions; reciprocal deposit programs.
75-4252 Same; investment of "currently surplus reserve funds" or "surplus reserves."
75-4253 Same; investment of surplus proceeds or reserves.
75-4254 Bonds of state agency or authority; investments authorized.
75-4255 Same; custody of moneys; interest or income from investments.
75-4256 State moneys, investments and funds subject to post audit.
75-4261 Federal revenue sharing fund abolished; transfer of assets and liabilities.
75-4268 Kansas agricultural production loan deposit program.
75-4270 Same; state treasurer administrator of program; purpose; annual report.
75-4272 Same; procedures; agreement.
75-4274 Same; state and state treasurer not liable to lending institution.
75-4275 Prohibition on use of funds from deposit to qualify for state tax credits.
75-4276 Kansas housing loan deposit program.
75-4278 Same; state treasurer administrator of program; purpose; annual report.
75-4280 Same; procedures; agreement.
75-4282 Same; state and state treasurer not liable to lending institution.
75-4283 Kansas extraordinary utility costs loan deposit program; citation.
75-4287 Same; procedures of state treasurer; agreement requirements.
75-4288 Same; funding of loans; rate of loans.
75-4289 Same; state and state treasurer not liable to lending institution.
75-4290 Kansas economic recovery loan deposit program; citation.
75-4293 Same; economic recovery loan deposit loan packages; participation in program; requirements.
75-4294 Same; procedures of state treasurer; agreement requirements.
75-4295 Same; funding of loans; rate of loans.
75-4296 Same; state and state treasurer not liable to lending institution.
75-4297 City utility low-interest loan program; citation.
75-42,100 Same; loan applications; participation in program; requirements.
75-42,102 Same; program controls over conflicting provisions; loans not bonded indebtedness.