Bill Summary for S 323 (2021)

Summary date: 

Jun 9 2021

Bill Information:

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.

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Bill 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. 

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