HCS/HB 1109 - Under current law, the state treasurer is permitted to invest in linked deposits in an amount up to $800 million at any one time. This act increases that threshold to $1 billion.Furthermore, the act modifies the total deposit for linked deposits that may be used for different borrowers as follows:
· Up to 5% of the aggregate for eligible multitenant development enterprises;
· Up to 5% of the aggregate for eligible property developers and eligible residential property owners;
· Up to 20% of the aggregate for eligible job enhancement businesses; and
· Up to 5% of the aggregate for eligible water systems.
All other linked deposits not allocated to the above may be used as permitted by law.
This act is identical to provisions in HCS/SCS/SB 187 (2023), SCS/SB 657 (2023), HCS/HB 586, SCS/HCS/HB 725 (2023), and the perfected HCS/HB 809.
SCOTT SVAGERA