Location: SCR 356
Final
BILL SUMMARY for SB16-035
SENATE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS
BILL SUMMARY for SB16-035
SENATE COMMITTEE ON STATE, VETERANS, & MILITARY AFFAIRS
| Votes: View--> | Action Taken: |
| Adopt amendment L.008 (Attachment B). The motion p Refer Senate Bill 16-035, as amended, to the Commi |
PASS PASS |
04:57 PM -- SB16-035
Senator Johnston, co-prime sponsor, presented Senate Bill 16-035. The bill creates the Public School Fund Investment Board (board) to oversee investment of the Public School Fund (or Permanent Fund) and broadens the allowable investment options for the fund. The board is charged with establishing policies concerning allowable investments of the fund and the distribution of income and interest earnings. The bill allows the board to hire a private fund manager to advise it about fund investments.
Under current law, the first $21 million in interest earned from investments on the Permanent Fund is used to pay costs of K-12 education through the annual School Finance Act.
Amendment L.008 (Attachment B), which strikes everything below the enacting clause, was distributed to the committee.
04:59 PM -- Tobin Follenweider, representing the State Land Board, testified in support of the bill.
05:01 PM -- Jon Forbes, Deputy Treasurer, testified in support of the bill.
05:04 PM
The committee discussed the bill with Senator Johnston.
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| BILL: | SB16-035 | |
| TIME: | 05:07:07 PM | |
| MOVED: | Cooke | |
| MOTION: | Adopt amendment L.008 (Attachment B). The motion passed on a vote of 3-1, with 1 excused. | |
| SECONDED: | |
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VOTE |
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Hill |
Excused |
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Jones |
No |
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Ulibarri |
Yes |
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Sonnenberg |
Yes |
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Cooke |
Yes |
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YES: 3 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS
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| BILL: | SB16-035 | |
| TIME: | 05:08:11 PM | |
| MOVED: | Cooke | |
| MOTION: | Refer Senate Bill 16-035, as amended, to the Committee on The motion passed on a vote of 3-1, with 1 excused. | |
| SECONDED: | |
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VOTE |
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Hill |
Excused |
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Jones |
No |
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Ulibarri |
Yes |
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Sonnenberg |
Yes |
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Cooke |
Yes |
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Final YES: 3 NO: 1 EXC: 1 ABS: 0 FINAL ACTION: PASS
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05:09 PM
The committee adjourned.