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.)