Sec. 3-24. Deposit of funds. In addition to the depositories provided for by section 4-33, the Treasurer is authorized to deposit any funds or moneys in his hands belonging to the state (1) in any nat

Sec. 3-24. Deposit of funds. In addition to the depositories provided for by section 4-33, the Treasurer is authorized to deposit any funds or moneys in his hands belonging to the state (1) in any national banking association, state bank, trust company or state bank and trust company in the state of New Jersey, the state of Rhode Island, the state of New York, the commonwealth of Massachusetts, or in the state of Pennsylvania, which is a member of the Federal Reserve System and whose capital, surplus and undivided profits in the aggregate is not less than fifty million dollars or (2) in any bank, trust company or state bank and trust company in any state or the District of Columbia, or in a bank in a foreign country with correspondent relationship with any national banking association, state bank, trust company or state bank and trust company up to the amount of the Federal Deposit Insurance Corporation insurance limit. In no case shall the deposit by the Treasurer in any one association or bank or trust company or bank and trust company, and made under the provisions of this section, exceed in the aggregate at any one time thirty per cent of the capital, surplus and undivided profits of such association, bank, trust company or bank and trust company. (1949 Rev., S. 110; 1963, P.A. 76; P.A. 94-7, S. 1; 94-190, S. 3; P.A. 95-282, S. 9, 11; P.A. 96-244, S. 38, 63.) History: 1963 act removed requirement depository banks be members of the clearing house association of designated cities in the respective states and added requirement of membership in the federal reserve system and minimum aggregate capital, surplus and undivided profits; P.A. 94-7 amended section by making a Subdiv. (1) of existing language and adding a new Subdiv. (2) allowing deposit of any state moneys or funds in out-of-state or foreign banks, trust companies or state bank and trust companies; P.A. 94-190 added New Jersey and Rhode Island to the list of states and made technical changes; P.A. 95-282 made technical changes, effective July 6, 1995; P.A. 96-244 revised effective date section of P.A. 95-282 but without affecting this section. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles)

Secs. 3-24a to 3-24h. Tax-Exempt Proceeds Fund created. Deposit of money in Tax-Exempt Proceeds Fund. Investment in Tax-Exempt Proceeds Fund by other state funds. Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities. Investment of Tax-Exempt Proceeds Fund by the Treasurer. Purchase of investments in Tax-Exempt Proceeds Fund by other state instrumentalities. Borrowing for purposes of the Tax-Exempt Proceeds Fund; issuance of notes. Borrowing from the Tax-Exempt Proceeds Fund for state capital projects. Sections 3-24a to 3-24h, inclusive, are repealed, effective July 1, 2024. (P.A. 88-258, S. 1–9; P.A. 94-8, S. 1–8; P.A. 04-216, S. 63; June 12 Sp. Sess. P.A. 12-1, S. 152; P.A. 14-94, S. 1; P.A. 23-170, S. 8; P.A. 24-62, S. 18.) (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles)