Bill Summary for S 310 (2021-2022)
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AN ACT MAKING CLARIFYING AND ADMINISTRATIVE CHANGES TO LAWS RELATING TO THE STATE TREASURER'S INVESTMENT PROGRAMS, THE LOCAL GOVERNMENT COMMISSION, AND REPORTS SUBMITTED TO THE COUNCIL OF STATE.Intro. by McInnis, Alexander, Chaudhuri.
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Amends GS 147-69.3 to authorize the State Treasurer to invest in the countries of Sudan and South Sudan to the extent not prohibited by the US Government, or to the extent that such investment is part of an index or index replication strategy, a commingled fund, limited partnership, or similar investment vehicle, or a derivative instrument.
Amends GS 147-86.57(3) to more specifically exclude from the defined term investment, index or index replication strategies, commingled funds, limited partnerships, or similar investment vehicles, or derivative instruments (previously excluded beneficial ownership through index funds, commingled funds, limited partnerships, derivative instruments, or the like).
Makes conforming changes to repeal Article 6D of GS Chapter 147, Sudan (Darfur) Divestment Act.
Amends GS 143-128.1C, concerning public-private partnership construction contracts, to require prior Local Government Commission approval of the amount financed for development contracts entered into by a local government that must be financed totally or partially by the local government unit.
Amends GS 159-28, concerning local government budgetary accounting for appropriations. Existing subsection (a1) requires preaudit certifications for obligations reduced to written contracts, agreements, and purchase orders, with a signed statement of compliance with mandated accounting procedures. Enacts new subsections (a3) and (a4) to authorize the use of an automated financial computer system to meet the preaudit certification requirements if an annual certification is filed with the Secretary of the Local Government Commission (Secretary) by the appropriate finance officer within 30 days after the start of their fiscal year. Sets three requirements of automated systems, including (1) embedded functionality that verifies there is an appropriate appropriation for the transaction; (2) functionality that ensures unencumbered funds remain to pay expected budgeted amounts to come; and (3) real-time visibility to budget compliance, alert threshold notifications, and rules-based compliance measures and enforcement. Provides for the Secretary to revoke or reject the certification as specified.
Amends GS 159-181, expanding on the Local Government Commission's authority to impound the books and records of a local government or public authority and assume full control of its financial affairs to include when the NCGA suspends the municipality's charter. Adds new provisions authorizing the Local Government Commission to waive the annual independent audit requirement of GS 159-34(a) for any missing audit reports if the use of all grant funds and borrowed funds are documented to the satisfaction of the grantors and lenders. Requires the Local Government Commission to consider recommending charter revocation or dissolution if the Commission waives the annual audit requirement. Makes technical changes.
Authorizes the Local Government Commission to impound the books and records and take any other actions required by GS 159-181, as amended, with respect to the Towns of Eureka and Spencer Mountain.
Amends GS 115C-218.30 to specify that the audit requirements of charter schools are not subject to the Local Government Commission's authority, oversight, or review.
Eliminates the requirement for the UNC Health Care System to file a report concerning real property acquisitions or dispositions with the Council of State, only requiring filing it with the Governor.