Senator Climer proposes the following amendment (LC-5538.DG0001S):

Amend the bill, as and if amended, by adding appropriately numbered SECTION to read:

SECTION X.A. Section 6-5-15 (G) and (H) of the S.C. Code is amended to read:

 (G) "Qualified public depository" means a national banking association, state banking association, federal savings and loan association, or federal savings bank located in this State and a bank, trust company, or savings institution organized under the law of this State that receives or holds funds that are secured pursuant to this chapter, or a credit union.
 (H) In addition to the investments authorized for local entities in Section 6-5-10 and notwithstanding another provision of law, a local entity may deposit all or a portion of surplus public funds in its control or possession in accordance with the following conditions:
  (1) the funds are initially deposited in a qualified public depository selected by the local entity;
  (2) the selected qualified public depository arranges for depositing the funds in one or more federally insured banks, credit unions, or savings and loan associations, wherever located, for the account of the local entity;
  (3) the full amount of the principal and accrued interest of each deposit is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund; and
  (4) The local entity may only deposit its surplus funds in federally insured credit unions to the same extent as the State Treasurer pursuant to Section 11-13-60; and
  (4)(5) the selected qualified public depository acts as custodian for the local entity with respect to each deposit.
 (I) A credit union may not hold more than ten percent of its assets from local entities.
 (J) All credit unions may not collectively hold more than ten percent of their assets from local entities. This calculation is based on the total assets of the Local Government Investment Pool on December 31st of the previous year.

B. This SECTION takes effect January 1, 2027.

Renumber sections to conform.

Amend title to conform.