Attorney General Opinion No. 1985-109

Download or read book Attorney General Opinion No. 1985-109 written by Robert T. Stephan and published by . This book was released on 1985 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Subsection (a) of K.S.A. 1984 Supp. 9-1403 provides that, during periods of peak deposits occurring at tax paying time and tax distributing time, the amount of security required by K.S.A. 1984 Supp. 9-1402 (as amended by L. 1985, ch. 58) for deposits of public moneys in certain financial institutions shall be reduced by one-half the usually required amount. While the statute requires a municipality to designate such periods, they may be for less than 60 days, and are subject to negotiation between the municipality and the financial institution receiving the deposit. The effect on K.S.A. 1984 Supp. 9-1403 of the 1985 amendment to K.S.A. 1984 Supp. 9-1402 (which increased the pledging requirement from 70% to 100% of the deposit) is to increase the amount of securities which must be pledged during peak deposit times from 35% to 50%. Cited herein: K.S.A. 1984 Supp. 9-1402, as amended by L. 1985, ch. 58, section 51 and 2; K.S.A. 1984 Supp. 9-1403; K.S.A. 9-1407; K.S.A. 1984 Supp. 12-678a; K.S.A. 79-2004; K.S.A. 79-2005, as amended by L. 1985, ch. 311, section 10.