Clipped From Fairbanks Daily News-Miner

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 - Senate approves bill to broaden state's...
Senate approves bill to broaden state's short-term investments JUNEAU (AP) - The Senate unanimously approved a bill Thursday that would broaden short-term investment possibilities for surplus state funds. The measure passed without a word of discuffiion. Commissioner of Revenue George Morrison said later the bill, if also approved by the House, could enable the state to make from one to two per cent greater return on its investments. The state currently is limited to investing its money in U.S. government securities and placing it in bank time deposits. The action on the measure came after the Senate spent almost 40 minutes arguing over a barber bill that eventually failed. The Senate also adopted a special monetary committee substitute bill that would reduce collateral requirements for state .funds deposited in banks. The committee proposal would virtually eliminate col- laterial requirements. It would provide that only that amount of state funds above IS per cent of total deposits In a bank would have to be coUateralized. Present law requires that state money must be backed 100 per cent by U.S. government bonds. 720 Say Dad! ... Day, why not something shell

Clipped from
  1. Fairbanks Daily News-Miner,
  2. 08 May 1970, Fri,
  3. Page 6

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