[As Amended by House Committee of the Whole]

As Amended by House Committee
Session of 2000
By Committee on Financial Institutions and Insurance

12             AN  ACT relating to state moneys; [powers, duties and functions re-
13             lating to certain bonded public debt;] amending K.S.A. 75-4203
14             and 75-4204 and repealing the existing sections.
16       Be it enacted by the Legislature of the State of Kansas:
17             Section  1. K.S.A. 75-4203 is hereby amended to read as follows: 75-
18       4203. The treasurer shall prepare daily deposits in accordance with K.S.A.
19       75-4206, and amendments thereto. The director of accounts and reports
20       treasurer shall prepare and provide a form upon which all daily deposits
21       shall be listed in sufficient detail to make effective the purposes of this
22       act, and such form shall be called ``daily deposit form.'' the ``daily cash
23       sheet.'' The daily deposit form cash sheet shall be completed in sufficient
24       copies, and there shall be delivered daily one copy thereof to the director
25       of accounts and reports and one copy shall be retained by the treasurer.
26       Before any deposit of state moneys is made, each copy of the daily deposit
27       form cash sheet shall be signed by the treasurer or a deputy duly author-
28       ized by the treasurer.
29             Sec.  2. K.S.A. 75-4204 is hereby amended to read as follows: 75-
30       4204. All orders of the treasurer transferring moneys from one state bank
31       account to another shall be signed both by the treasurer or the treasurer's
32       duly authorized deputy and director of accounts and reports or the di-
33       rector's duly authorized assistant.
34        [New Sec.  3. (a) In any year in which the sum of the amount
35       by which the actual general fund receipts for the fiscal year ending
36       in such year exceeds the original joint estimate of revenue to the
37       state general fund for that fiscal year prepared pursuant to K.S.A.
38       75-6701, and amendments thereto, as adjusted for legislative
39       changes during May of such calendar year, by more than
40       $50,000,000, 50% of such amount shall be transferred from the
41       state general fund to the state debt reduction fund.
42        [(b) There is hereby established in the state treasury the state
43       debt reduction fund which shall be administered by the state trea-


  1       surer. All expenditures from the state debt reduction fund shall be
  2       for the purpose of providing funding for retirement or defease-
  3       ment of bonds issued for programs and capital improvement pro-
  4       jects for state agencies. The Kansas development finance authority
  5       shall determine whether optional, early redemption of bonds
  6       which become callable during the fiscal year for which the state
  7       debt reduction fund is appropriated should be called for redemp-
  8       tion or defeasance, or whether it is more fiscally prudent to make
  9       expenditures from the state debt reduction fund to retire bonds
10       maturing in the fiscal year for which the state debt reduction fund
11       is appropriated, which bonds would otherwise be retired from pay-
12       ments from the state general fund. Such expenditures shall be
13       made in accordance with this section upon warrants of the director
14       of accounts and reports issued pursuant to vouchers approved by
15       the state treasurer or the treasurer's designee.
16        [(c) On or before the 10th day of each month, the director of
17       accounts and reports shall transfer from the state general fund to
18       the state debt reduction fund interest earnings based on: (1) The
19       average daily balance of moneys in the state debt reduction fund
20       for the preceding month; and (2) the net earnings rate of the
21       pooled money investment portfolio for the preceding month.]
22        Sec.  3. [4.] K.S.A. 75-4203 and 75-4204 are hereby repealed.
23        Sec.  4. [5.] This act shall take effect and be in force from and after
24       its publication in the statute book.