House amendment makes the following changes to 3rd edition.
Adds Wilkes Community College to the scope of the act.
Summary date: May 19 2011 - More information
Summary date: May 18 2011 - More information
House committee substitute makes the following changes to 2nd edition. Deletes all provisions of the previous edition, which codified additional investment flexibility for community colleges, and instead provides the following. Provides that the board of trustees of an institution may invest, based upon the recommendations of an Investment Committee if applicable, moneys held in the institution’s fund accounts in any form of investment established or maintained by an investment advisor meeting certain conditions. Sets forth duties for the board of trustees to exercise when managing and investing funds. Clarifies this investment option is in addition to the investment options available to institutions under GS 115D-58.6. Authorizes the board of trustees of an institution to appoint an investment committee and provides details concerning the committee. States that definitions in GS 115D-2 apply to this act. Limits this act to the following community colleges: (1) Caldwell Community College and Technical Institute, (2) Davidson County Community College, (3) Isothermal Community College; (4) Southeastern Community College, and (5) Vance-Granville Community College. Makes a clarifying change to the bill title.
Summary date: Mar 22 2011 - More information
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.
Summary date: Feb 10 2011 - More information
Amends GS 115D-58.6 to separate into Deposits and Investments the provision regulating the investment of idle cash by community colleges. Requires that monies be invested to county governments pursuant to GS 159-30(c) (idle fund investment by local governments), or in any form established or managed by an investment advisor who is a member of the Securities Investor Protection Corporation and is registered and in good standing with either the Securities and Exchange Commission or the North Carolina Secretary of State, Securities Division. Allows the investment securities listed in GS 159-30(c) to be bought, sold, or traded by community colleges. Makes conforming changes. Effective July 1, 2011.
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