AR SB454

Amends corporate obligation investment ratings by replacing specific rating designations (BBB, A2, P2, or higher) with language requiring "an equivalent rating" from at least two nationally recognized statistical rating organizations, providing flexibility in rating standards.

Modifies securities purchase and sales procedures by replacing the requirement for "not less than three (3) quotation bids from" brokers with language requiring purchases and sales "through" brokers specifically approved by or meeting criteria established by the State Board of Finance.

Establishes a competitive bidding procedure for all securities purchases and sales that must be approved by the State Board of Finance with goals of obtaining optimal price and value while avoiding preference toward any particular securities broker.

Allows the State Board of Finance to subscribe for and exchange obligations offered by the United States Department of the Treasury without requiring competitive bidding procedures.

Changes the position title from "chief investment officer" to "chief compliance officer" within the Treasurer of State's office, with the officer employed by and serving at the pleasure of the State Board of Finance.