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ID S1350
Bill
Status
3/18/2014
Primary Sponsor
State Affairs Committee
Click for details
AI Summary
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Establishes a State Treasurer Investment Advisory Board consisting of the state treasurer as chairman and 5 public members with at least 10 years of experience in financial matters and investment asset management, subject to gubernatorial appointment and senate confirmation.
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Board members serve 4-year terms, except the first appointees (3 for 2 years, 2 for 4 years), and may be removed for cause by a two-thirds vote; vacancies filled by gubernatorial appointment for the unexpired term.
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Board meets at least quarterly and recommends types and kinds of investments for state funds, investment policies, and limitations, all subject to Idaho's uniform prudent investor act and state constitution provisions.
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Removes securities lending agreements as an allowable investment option for the state treasurer under section 67-1210A, effective immediately.
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Authorizes the state treasurer to continue existing securities lending agreements in place until the effective date and requires an orderly termination program with annual reports to the legislature by January 1 each year on termination progress and recommendations.
Legislative Description
Amends and adds to existing law to establish a State Treasurer Investment Advisory Board, to provide for board member appointment and removal, board vacancies, quorum and meetings, and board member compensation, to provide for the recommendation of types of investments, to provide for audits and reports; to remove securities lending agreements as an allowable investment of the State Treasurer; and to provide the State Treasurer's ability to continue investment of state funds or any other funds in his hands under securities lending agreements in place and to provide for reports.
STATE TREASURER
Last Action
Signed by Governor on 03/18/14 Session Law Chapter 130 Effective: 07/01/2014
3/18/2014