Senator Climer proposes the following amendment (LC-5538.DG0002S):

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

SECTION X.A. Chapter 26, Article 4, Title 34 of the S.C. Code is amended by adding:

 Section 34-26-430.  (A) A credit union insured by the National Credit Union Share Insurance Fund is considered a qualified public depository and authorized to collect deposits from a local entity as provided for in Section 6-5-15.
 (B) A 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.
 (C) A credit union that accepts deposits from local entities may not hold more than ten percent of its assets from local entities.
 (D) All credit unions that accept deposits from local entities 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. The provisions of this SECTION take effect January 1, 2027.

Renumber sections to conform.

Amend title to conform.