GRANTING COMMUNITY COLLEGES ADDITIONAL FLEXIBILITY WITH REGARD TO INVESTMENTS.
House committee substitute makes the following changes to 1st edition.
Amends GS 115D-58.6 to require a community college’s Board of Trustees (Board) to appoint an Investment Committee (Committee) made up of at least three people who have (1) financial backgrounds, (2) experience with institutional or retail investment management, and (3) knowledge of fixed income and public equities. Provides that the Committee is to make recommendations to the Board on its investment options and monitor the performance of investments made by the Board. Specifies a local board’s duties related to the management and investment of institutional funds.
Amends GS 147-69.2 by adding “institutional funds of the colleges of the North Carolina Community College System” to the list of special funds held by the State Treasurer for investment.
Makes technical changes.
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