SB 323 Summary

• Authorizes the State Treasurer to invest Catawba Unit No. 1 and No. 2 Decommissioning Trust Funds (established by North Carolina Municipal Power Agency Number 1 in 1990) through expanded investment options under G.S. 147-69.2(b)(6c) and (b)(8), notwithstanding percentage limitations on Retirement Systems' investments.

• Permits the State Treasurer to require a minimum deposit of up to $100,000 and assess reasonable fees of up to 15 basis points per annum for managing the decommissioning trust fund investments.

• Establishes that the Swain County Settlement Trust Fund (with an initial balance of $52,000,000 from a 1943 settlement agreement with the U.S. Department of Interior) may be invested in options authorized under G.S. 147-69.2(b)(1) through (6) and (b)(8).

• Requires a two-thirds voter referendum conducted by the Swain County Board of Elections before any portion of the initial balance may be disbursed to Swain County; disbursements of investment income only require a majority vote by the County Board of Commissioners and may occur no more than quarterly.

• Prohibits any payments from the initial balance or earnings to agents or attorneys for services rendered in connection with negotiating the settlement agreement, and requires the fund to be subject to State Auditor oversight.