House Bill 163 Summary

• State Treasurer may invest in Sudan and South Sudan to the extent permitted by U.S. Government or as part of index funds, commingled funds, limited partnerships, or derivative instruments.

• Investment definition excludes beneficial ownership through index funds, index replication strategies, commingled funds, limited partnerships, or derivative instruments.

• Public-private partnership development contracts entered into by local government units financing part of project costs must obtain Local Government Commission approval before contract execution.

• Automated financial computer systems may be used for budget preaudit if finance officer certifies to Local Government Commission Secretary within 30 days of fiscal year start that system meets specified requirements.

• Local Government Commission gains authority to impound records of local governments and public authorities when General Assembly suspends a municipality's charter, in addition to existing debt service default triggers.

• Charter schools are exempt from Local Government Commission submission, review, or approval requirements for audit reports, contracts, and invoices.

• University of North Carolina Health Care System must report property acquisitions and dispositions to the Governor rather than Governor and Council of State.