AN ACT TO MODIFY INVESTMENT AUTHORIZED FOR SPECIAL FUNDS HELD BY THE STATE TREASURER, AS REQUESTED BY THE STATE TREASURER.
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.