JOINT MUNICIPAL POWER AGENCIES/INVESTMENTS.

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View NCGA Bill Details2021
Senate Bill 323 (Public) Filed Thursday, March 18, 2021
AN ACT TO AUTHORIZE MONEYS DEPOSITED IN CERTAIN DECOMMISSIONING FUNDS ESTABLISHED BY NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 1 TO BE INVESTED THROUGH THE STATE TREASURER'S ANCILLARY GOVERNMENTAL PARTICIPANT INVESTMENT PROGRAM AND TO ADDRESS THE INVESTMENT OF FUNDS DEPOSITED IN THE SWAIN COUNTY SETTLEMENT TRUST FUND.
Intro. by Newton.
Status: Ch. SL 2021-73 (Jul 2 2021)

SOG comments (1):

Long title change

Submitted by jhenders@sog.unc.edu on

House committee to the 1st edition changed the long title. Original long title was AN ACT TO AUTHORIZE MONEYS DEPOSITED IN CERTAIN DECOMMISSIONING FUNDS ESTABLISHED BY NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 1 TO BE INVESTED THROUGH THE STATE TREASURER'S ANCILLARY GOVERNMENTAL PARTICIPANT INVESTMENT PROGRAM.

 

Bill History:

S 323/S.L. 2021-73

Bill Summaries:

  • Bill S 323 (2021-2022)
    Summary date: Jun 9 2021 - View Summary

    AN ACT TO AUTHORIZE MONEYS DEPOSITED IN CERTAIN DECOMMISSIONING FUNDS ESTABLISHED BY NORTH CAROLINA MUNICIPAL POWER AGENCY NUMBER 1 TO BE INVESTED THROUGH THE STATE TREASURER'S ANCILLARY GOVERNMENTAL PARTICIPANT INVESTMENT PROGRAM AND TO ADDRESS THE INVESTMENT OF FUNDS DEPOSITED IN THE SWAIN COUNTY SETTLEMENT TRUST FUND. SL 2021-73. Enacted July 2, 2021. Effective July 2, 2021.

    Banking and Finance, Environment, Energy, Government, State Agencies, Department of State Treasurer
    Catawba, Swain, GS 147, GS 159B
  • Bill S 323 (2021-2022)
    Summary date: Jun 9 2021 - View Summary

    House committee substitute to the 1st edition makes the following changes.

    Further amends GS 147-69.2 to explicitly authorize the State Treasurer to invest funds deposited in the Swain County Settlement Trust Fund pursuant to subdivision (b)(8) in a strategy composed primarily of equity securities traded on a public securities exchange or market organized and regulated pursuant to the laws of the jurisdiction of the exchange or market and issued by any company incorporated or otherwise created or located within or outside the United States as long as the investments meet the two specified conditions of the subdivision; however, excludes these investments from the 65% cap placed on the market value of all invested assets of Retirement Systems under the subdivision. Authorizes the State Treasurer to require a minimum deposit of up to $100,000 and assess reasonable fees of up to 15 basis points per annum to defray administration costs as a condition of making an investment pursuant to subdivision (b)(8). Also provides for the State Treasurer's authority to invest such funds in general obligations, obligations of other states, obligations of cities, obligations of domestic and foreign companies meeting specified rating requirements, and asset-backed securities meeting specified rating requirements, as described in subdivisions (b)(1) through (6) of the statute. Makes conforming changes to GS 147-69.6, which establishes parameters for the Swain County Settlement Trust Fund. Makes conforming changes to the act's long title. 

    Banking and Finance, Environment, Energy, Government, State Agencies, Department of State Treasurer
    Catawba, Swain, GS 147, GS 159B
  • Bill S 323 (2021-2022)
    Summary date: Mar 18 2021 - View Summary

    Identical to H 257, filed 3/10/21.

    Amends GS 147-69.2 to authorize the State Treasurer to make investments to the credit of the Catawba Unit No. 1 Decommissioning Trust Fund and the Catawba Unit No. 2 Decommissioning Trust Fund, as identified (Trust Funds). Authorizes the State Treasurer to invest the funds deposited in the Trust Funds as general obligations, obligations of other states, obligations of cities, obligations of domestic and foreign companies meeting specified rating requirements, and asset-backed securities meeting specified rating requirements, as described in subdivisions (b)(1) through (6) of the statute.

    Additionally authorizes the State Treasurer to invest funds deposited in the Trust Funds pursuant to subdivision (b)(6c), which allows domestic and foreign investment in obligations, debt securities, and asset-backed securities that do not meet the requirements of subdivisions (b)(1) through (6); excludes these investments from the 7.5% cap placed on the market value of all invested assets of Retirement Systems under the subdivision. Additionally authorizes the State Treasurer to invest funds deposited in the Trust Funds pursuant to subdivision (b)(8), in a strategy composed primarily of equity securities traded on a public securities exchange or market organized and regulated pursuant to the laws of the jurisdiction of the exchange or market and issued by any company incorporated or otherwise created or located within or outside the United States as long as the investments meet the two specified conditions of the subdivision; however, excludes these investments from the 65% cap placed on the market value of all invested assets of Retirement Systems under the subdivision. Authorizes the State Treasurer to require a minimum deposit of up to $100,000 and assess reasonable fees of up to 15 basis points per annum to defray administration costs as a condition of making an investment pursuant to subdivisions (b)(6c) and (b)(8). 

    Amends GS 159B-18 to authorize the investment of funds deposited in the Trust Funds as provided in GS 147-69.2(b6), as enacted. Further describes the Trust Funds.

    Banking and Finance, Environment, Energy, Government, State Agencies, Department of State Treasurer
    Catawba, GS 147, GS 159B
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