Committee substitute to the 1st edition makes a technical change.
ESCHEAT FUND MODIFICATIONS.-AB
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View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO MODIFY INVESTMENT AUTHORIZED FOR SPECIAL FUNDS HELD BY THE STATE TREASURER, AS REQUESTED BY THE STATE TREASURER.Intro. by Collins, S. Ross, Tine, Warren.
Bill History:
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Wed, 18 Mar 2015 House: Filed(link is external)
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Thu, 19 Mar 2015 House: Passed 1st Reading(link is external)
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Thu, 19 Mar 2015 House: Ref To Com On Pensions and Retirement(link is external)
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Tue, 14 Apr 2015 House: Reptd Fav Com Substitute(link is external)
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Tue, 14 Apr 2015 House: Ref To Com On Appropriations(link is external)
Bill Summaries:
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Bill H 301 (2015-2016)Summary date: Apr 14 2015 - View Summary
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Bill H 301 (2015-2016)Summary date: Mar 19 2015 - View Summary
Amends GS 147-69.2(b)(12) concerning the Escheat Fund (Fund), setting out the intent of the General Assembly that the Fund (1) provide a perpetual and sustainable source of funding for purposes authorized by the state constitution and (2) retain monies as corpus to allow the State Treasurer to invest in long-term illiquid investments, including those with an NC nexus, with the end of growing the amount of earnings available for scholarships. Sets out new provisions that apply in achieving the above, including requiring the State Treasurer to engage a third-party professional actuary or consultant to conduct a valuation and projection of the financial status of the Fund. Establishes an annual reporting requirement for the State Treasurer to report to specified members of the General Assembly, no later than December 31, about the Fund and valuations. Sets out required components of the report. Permits the State Treasurer to invest, in addition to other authorized investments, up to 10% of the net assets of the Fund in businesses with a material nexus with the state, with certain limitations. Requires the State Treasurer to discharge investment duties in regards to the Fund consistent with the provisions of GS 36E-3.
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Bill H 301 (2015-2016)Summary date: Mar 18 2015 - View Summary
To be summarized.