HB 558 - Treasury & Fiscal Serv; records access; authorized investments

First Reader Summary

A BILL to amend Title 50 of the Official Code of Georgia Annotated, relating to state government, so as to create specific standards for public access to certain records in the Office of Treasury and Fiscal Services; to prohibit certain access; to provide for conditions for limited access; to authorize the director of the Office of Treasury and Fiscal Services to invest in certain securities; and for other purposes.

Page Numbers - 1/ 2/ 3/ 4/ 5

Code Sections - 50-5A-11/ 50-17-2

Recorded Votes

• Vote # 411 PASS 03/17/97

HB 558                                             LC 18 8054 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Title 50 of the Official Code of Georgia Annotated, 
  1- 2  relating to state government, so as to create specific 
  1- 3  standards for public access to certain records in the Office 
  1- 4  of Treasury and Fiscal Services; to prohibit certain access; 
  1- 5  to provide for conditions for limited access; to authorize 
  1- 6  the director of the Office of Treasury and Fiscal Services 
  1- 7  to invest in certain securities authorized for direct 
  1- 8  investment by selling or purchasing such obligations under 
  1- 9  agreements to resell or repurchase the obligations; to 
  1-10  provide for conditions and limitations with respect thereto; 
  1-11  to authorize the director of the Office of Treasury and 
  1-12  Fiscal Services to invest in certain bonds, bills, 
  1-13  certificates of indebtedness, notes, or other obligations of 
  1-14  the United States and its subsidiary corporations and 
  1-15  instrumentalities; to provide for conditions and limitations 
  1-16  with respect thereto; to provide an effective date; to 
  1-17  repeal conflicting laws; and for other purposes. 
 
  1-18       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-19                           SECTION 1. 
 
  1-20  Title 50 of the Official Code of Georgia Annotated, relating 
  1-21  to state government, is amended by adding a new Code section 
  1-22  at the end of Chapter 5A, relating to the Office of Treasury 
  1-23  and Fiscal Services, to be designated Code Section 50-5A-11, 
  1-24  to read as follows: 
 
  1-25    "50-5A-11. 
 
  1-26    (a) The following records, or portions thereof, shall not 
  1-27    constitute public records and shall not be open to 
  1-28    inspection by the general public: 
 
  1-29      (1) Participant account balances in the local government 
  1-30      investment pool; 
 
  1-31      (2) All wiring or Automated Clearing House transfer of 
  1-32      funds instructions; 
 
 
 
 
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  2- 1      (3) Account analysis statements received or prepared by 
  2- 2      the staff of the Office of Treasury and Fiscal Services; 
 
  2- 3      (4) All bank account numbers in the possession of the 
  2- 4      Office of Treasury and Fiscal Services and any record or 
  2- 5      document containing such numbers; 
 
  2- 6      (5) All proprietary computer software in the possession 
  2- 7      or under the control of the Office of Treasury and 
  2- 8      Fiscal Services; and 
 
  2- 9      (6) All security codes and procedures related to 
  2-10      physical, electronic, or other access to the Office of 
  2-11      Treasury and Fiscal Services, its systems, and its 
  2-12      software. 
 
  2-13    (b) For a period from the opening of bank accounts until 
  2-14    such time as those bank accounts are closed, the local 
  2-15    government investment pool resolutions which pertain to 
  2-16    the opening and maintenance of bank accounts shall not 
  2-17    constitute public records and shall not be open to 
  2-18    inspection by the general public. 
 
  2-19    (c) For a period from the date of creation of the record 
  2-20    until the end of the calendar quarter in which the record 
  2-21    is created, the following records, or portions thereof, 
  2-22    shall not constitute public records and shall not be open 
  2-23    to inspection by the general public: 
 
  2-24      (1) Investment trade tickets; and 
 
  2-25      (2) Bank statements of the Office of Treasury and Fiscal 
  2-26      Services. 
 
  2-27    (d) For a period from the date of creation of the record 
  2-28    until 30 days after adoption, bank fee payment schedules 
  2-29    shall not constitute public records and shall not be open 
  2-30    to inspection by the general public. 
 
  2-31    (e) The restrictions of subsections (a), (b), (c), and (d) 
  2-32    of this Code section shall not apply to access: 
 
  2-33      (1) Required by law, including disclosures required by 
  2-34      subpoena or other legal process of a court or 
  2-35      administrative agency having competent jurisdiction in 
  2-36      legal proceedings where the State of Georgia or the 
  2-37      Office of Treasury and Fiscal Services is a party; 
 
  2-38      (2) In prosecutions or other court actions to which the 
  2-39      State of Georgia or the Office of Treasury and Fiscal 
  2-40      Services is a party; 
 
 
 
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  3- 1      (3) Given to federal or state regulatory or law 
  3- 2      enforcement agencies; 
 
  3- 3      (4) Given to any person or entity in connection with its 
  3- 4      account in the local government investment pool managed 
  3- 5      by the Office of Treasury and Fiscal Services pursuant 
  3- 6      to Chapter 83 of Title 36, the 'Local Government 
  3- 7      Investment Pool Act'; or 
 
  3- 8      (5) Given to the Governor, the Attorney General and the 
  3- 9      Department of Law, the Office of Planning and Budget, 
  3-10      officers of the General Assembly, the Legislative Budget 
  3-11      Office, the state auditor and the Department of Audits, 
  3-12      or the State Depository Board for use and public 
  3-13      disclosure in the ordinary performance of those 
  3-14      officers' and offices' duties." 
 
  3-15                           SECTION 2. 
 
  3-16  Said title is further amended by striking Code Section 
  3-17  50-17-2, relating to agreements to resell or repurchase 
  3-18  United States government and certain agency obligations, and 
  3-19  inserting in its place a new Code Section 50-17-2 to read as 
  3-20  follows: 
 
  3-21    "50-17-2. 
 
  3-22    (a) Agencies, authorities, boards, public corporations, 
  3-23    instrumentalities, retirement systems, and other divisions 
  3-24    of state government authorized to invest in direct 
  3-25    obligations of the United States government or in 
  3-26    obligations unconditionally guaranteed by agencies of the 
  3-27    United States government may do so by selling and 
  3-28    purchasing such obligations under agreements to resell or 
  3-29    repurchase the obligations at a date certain in the future 
  3-30    at a specific price which reflects a premium over the 
  3-31    purchase or selling price equivalent to a stated rate of 
  3-32    interest.  Delivery of the obligations purchased may be 
  3-33    made by deposit through book entry in a safekeeping 
  3-34    account maintained by the seller of the securities, in the 
  3-35    name of the purchasing state entity or its agent, clearly 
  3-36    indicating the interest of the purchasing state entity. 
 
  3-37    (b) In addition to the authorization in subsection (a) of 
  3-38    this Code section, the director of the Office of Treasury 
  3-39    and Fiscal Services may invest in the securities 
  3-40    authorized for direct investment by subsection (b) of Code 
  3-41    Section 50-17-63 by selling and purchasing such 
  3-42    obligations under agreements to resell or repurchase the 
 
 
 
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  4- 1    obligations at a date certain in the future at a specific 
  4- 2    price which reflects a premium over the purchase or 
  4- 3    selling price equivalent to a stated rate of interest. 
  4- 4    Delivery of the obligations purchased may be made by 
  4- 5    deposit through book entry in a safekeeping account 
  4- 6    maintained by the seller of the securities, in the name of 
  4- 7    the Office of Treasury and Fiscal Services or its agent, 
  4- 8    clearly indicating the interest of the Office of Treasury 
  4- 9    and Fiscal Services." 
 
  4-10                           SECTION 3. 
 
  4-11  Said title is further amended by striking subsection (b) of 
  4-12  Code Section 50-17-63, relating to deposit and investment of 
  4-13  certain funds, and inserting in its place a new subsection 
  4-14  (b) to read as follows: 
 
  4-15    "(b) All departments, boards, bureaus, and other agencies 
  4-16    of the state shall report to the board, on such forms and 
  4-17    at such times as the board may prescribe, such information 
  4-18    as the board may reasonably require concerning deposits 
  4-19    and withdrawals pursuant to this Code section and shall 
  4-20    enable the board to determine compliance with this Code 
  4-21    section.  Interest earned on state funds withdrawn from 
  4-22    the state treasury on approved budgets shall be remitted 
  4-23    to the Office of Treasury and Fiscal Services by each 
  4-24    department, board, bureau, or agency and placed in the 
  4-25    general fund.  The board may permit the director to invest 
  4-26    in bankers' acceptances; commercial paper; and bonds, 
  4-27    bills, certificates of indebtedness, notes, or other 
  4-28    obligations of the United States and its subsidiary 
  4-29    corporations and instrumentalities, which obligations can 
  4-30    be deposited by a state depository in accordance with this 
  4-31    law in lieu of a security bond or entities sanctioned or 
  4-32    authorized by the United States government including, but 
  4-33    not limited to, obligations or securities issued or 
  4-34    guaranteed by Banks for Cooperatives regulated by the Farm 
  4-35    Credit Administration, the Commodity Credit Corporation, 
  4-36    Farm Credit Banks regulated by the Farm Credit 
  4-37    Administration, Federal Assets Financing Trusts, the 
  4-38    Federal Financing Bank, Federal Home Loan Banks, the 
  4-39    Federal Home Loan Mortgage Corporation, the Federal 
  4-40    National Mortgage Association, the Financial Assistance 
  4-41    Corporation chartered by the Farm Credit Administration, 
  4-42    the Government National Mortgage Association, the 
  4-43    Import-Export Bank, Production Credit Associations 
  4-44    regulated by the Farm Credit Administration, the 
 
 
 
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  5- 1    Resolution Trust Corporation, and the Tennessee Valley 
  5- 2    Authority; provided, however, that interest earned on the 
  5- 3    investment of motor fuel tax revenues shall be defined as 
  5- 4    motor fuel tax revenues and shall be appropriated in 
  5- 5    conformity with and pursuant to Article III, Section IX, 
  5- 6    Paragraph VI(b) of the Constitution of Georgia." 
 
  5- 7                           SECTION 4. 
 
  5- 8  This Act shall become effective on July 1, 1997. 
 
  5- 9                           SECTION 5. 
 
  5-10  All laws and parts of laws in conflict with this Act are 
  5-11  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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