Bill Summary for H 72 (2011-2012)

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Summary date: 

May 18 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 72 (Public) Filed Thursday, February 10, 2011
Intro. by Crawford.

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Bill summary

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.