S-4288               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 4665

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Senate Committee on Financial Institutions (originally sponsored by Senators Moore, Sellar and Bottiger)

Read first time 2/5/86.

AN ACT Relating to out-of-state deposit of public funds; and amending RCW 39.58.080.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 8, chapter 193, Laws of 1969 ex. sess. as last amended by section 14, chapter 177, Laws of 1984 and RCW 39.58.080 are each amended to read as follows:

          Except for funds deposited pursuant to a fiscal agency contract with the state fiscal agent or its correspondent bank, no public funds shall be deposited in demand or investment deposits except in a qualified public depositary located in this state or as otherwise expressly permitted by statute:  PROVIDED, That the commission, upon good cause shown, may authorize a treasurer to maintain a demand deposit account with a banking institution located outside the state of Washington solely for the purpose of transmitting money received to financial institutions in the state of Washington for deposit for such time and upon such terms and conditions as the commission deems appropriate.