SB 524-1_ Filed 02/26/2001, 10:52

SENATE MOTION


MR. PRESIDENT:

    I move that Senate Bill 524 be amended to read as follows:

    Page 3, line 11, delete "On" and insert " Subject to subsection (j), on".
    Page 3, line 30, delete "On" and insert " Subject to subsection (j), on".
    Page 3, between lines 40 and 41, begin a new paragraph and insert:
    " (j) Before providing a check to the auditor of state under subsection (f)(2) in December of any year, the secretary-investment manager shall determine:
        (1) the total amount of payments made from the public deposit insurance fund under IC 5-13-13-3 after June 30, 2001;
        (2) the total amount of payments received by the board for depositories and deposited in the public deposit insurance fund under IC 5-13-13-3 after June 30, 2001; and
        (3) the total amount of interest earned by the public deposit insurance fund after the first of the payments described in subdivision (1).
If the total amount of payments determined under subdivision (1) less the total amount of payments determined under subdivision (2) exceeds ten million dollars ($10,000,000) and also exceeds the total amount of interest determined under subdivision (3), the secretary-investment manager may provide a check to

the auditor of state under subsection (f)(2) and a distribution may be made from the pension distribution fund under subsection (h) in the following calendar year. However, a check may not be provided under subsection (f)(2) and a distribution may not be made under subsection (f) in any subsequent calendar year if a study conducted by the board under section 7(b) of this chapter demonstrates that payment of the distribution would reduce the balance of the public deposit insurance fund to a level insufficient to ensure the safekeeping and prompt payment of public funds to the extent they are not covered by insurance of any federal deposit insurance agency.".
    (Reference is to SB 524 as printed February 23, 2001.)

________________________________________

Senator KENLEY


RS 052401/DI kc
2001