HI HB400

Establishes a state investment board consisting of six members appointed by the governor for six-year terms, placed within the department of accounting and general services for administrative purposes.

Creates the state investment special fund to receive legislative appropriations, investment earnings, and other revenue, with funds to be managed by contracted qualified persons to maximize long-term investment returns for economic development.

Board duties include administering the fund, contracting with qualified investment managers, developing investment criteria and policy, adopting necessary rules, and submitting annual reports to the legislature.

Appropriates $1,000,000 for fiscal year 2015-2016 and $1,000,000 for fiscal year 2016-2017 to the state investment special fund, effective July 1, 2015.

Limits liability of the state and its officers and employees for investment results and requires annual independent audits of the board's books and records.