Hawaii SB2193 amends the state's public fund deposit rules, prioritizing local depositories and limiting out-of-state deposits.

Hawaii SB2193 revises the rules for depositing public funds, emphasizing the use of local depositories. It mandates that no more than 40% of the state's available funds can be deposited outside Hawaii. Additionally, it restricts deposits in any single depository to no more than 60% of the total funds, unless a local depository offers a higher yield. The bill also requires the director to consider the benefits of using local depositories, such as favorable lending for affordable housing, when selecting a depository. This act will take effect on July 1, 2050.

Hawaii SB2193 amends the state's public fund deposit rules, prioritizing local depositories and limiting out-of-state deposits.

Hawaii SB2193 revises the rules for depositing public funds, emphasizing the use of local depositories. It mandates that no more than 40% of the state's available funds can be deposited outside Hawaii. Additionally, it restricts deposits in any single depository to no more than 60% of the total funds, unless a local depository offers a higher yield. The bill also requires the director to consider the benefits of using local depositories, such as favorable lending for affordable housing, when selecting a depository. This act will take effect on July 1, 2050.