S-3758               _______________________________________________

                                                   SENATE BILL NO. 4665

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Senators Moore, Sellar and Bottiger

Read first time 1/20/86 and referred to Committee on Financial Institutions.

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 for such time and upon such terms and conditions as the commission deems appropriate.