Public Finance

State Funds

SECTION 35-4-4.6

§ 35-4-4.6. State Linked Deposit Policy – Definitions – Exemptions.

(a) As used in §§ 35-4-4.1 – 35-4-4.6, the following terms shall have the following meanings:

(1) "Community Reinvestment Act (CRA)" shall mean the Community Reinvestment Act as enacted by the federal government as title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq., and all subsequent amendments and regulations.

(2) "Banks" shall mean those federally insured and regulated depository institutions which are the recipients or potential recipients of state deposits. State or federally chartered credit unions are not "banks" under §§ 35-4-4.1 – 35-4-4.6.

(3) "Federal regulatory agencies" shall mean the federal reserve board, federal deposit insurance corporation (FDIC), comptroller of the currency, and the office of thrift supervision (OTS).

(4) "Funds on deposit" shall mean those monies which are designated for general operating purposes, including all revenues from taxes, fees and fines, and federal aid; and also, all special purpose funds, restricted receipt accounts, and trust accounts.

(b) Any investments of the state and municipal employees retirement systems shall be exempt from the provisions of §§ 35-4-4.1 – 35-4-4.6.

History of Section.
(P.L. 1992, ch. 175, § 1; P.L. 1993, ch. 416, § 1.)