HI SCR83

Director of Finance and Comptroller are requested to review state special funds, revolving loan funds, revolving funds, bond holdings, and other state investments to identify stable, solvent funds appropriate for opening accounts in small local financial institutions.

Director of Finance and Comptroller, in cooperation with the State Procurement Office Administrator, are requested to develop a special procurement process to ensure equitable fund distribution and institutional stability if account expansion is found feasible.

State funds selected for investment in winning financial institutions must be held for no less than ten years.

Procurement specifications must include minimum safeguards to prevent misuse of state funds and establish reporting requirements on fund status for state maintenance purposes.

Certified copies of the resolution are to be transmitted to the Governor, Director of Finance, Comptroller, and Administrator of the State Procurement Office.