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s_fin_2016a_2016-04-12t14:01:04z1 Hearing Summary

Date: 04/12/2016



Final

BILL SUMMARY for SB16-035



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Adopt Amendment L.009 (Attachment B). The motion p

Adopt Amendment L.010 (Attachment C). The motion p

Refer Senate Bill 16-035, as amended, to the Commi
Pass Without Objection

Pass Without Objection

PASS







02:05 PM -- SB16-035



Senator Johnston, prime sponsor, presented Senate Bill 16-035. The bill, as amended by the Senate State, Veterans, and Military Affairs Committee, 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. Senator Johnston distributed and explained Amendments L.009 and L.010 (Attachments B and C, respectively).



16SenateFin0412AttachB.pdf16SenateFin0412AttachB.pdf 16SenateFin0412AttachC.pdf16SenateFin0412AttachC.pdf



02:11 PM --
Ms Kori Donaldson, Legislative Council Staff, addressed a question about the bill's prepared fiscal note.



02:11 PM --
Mr. Bill Ryan, representing the State Land Board, testified in support of the bill. Mr. Ryan addressed questions from the committee about the anticipated cost of hiring a private fund manager. Senator Johnston also commented on the anticipated cost of hiring a private fund manager. Mr. Ryan continued to address questions from the committee.



02:17 PM --
Treasurer Walker Stapleton testified in support of the bill.

BILL: SB16-035
TIME: 02:19:38 PM
MOVED: Johnston
MOTION: Adopt Amendment L.009 (Attachment B). The motion passed without objection.
SECONDED:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection




BILL: SB16-035j
TIME: 02:20:09 PM
MOVED:
MOTION: Adopt Amendment L.010 (Attachment C). The motion passed without objection.
SECONDED:
VOTE
Holbert
Johnston
Kerr
Hill
Neville T.
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection





02:20 PM



Members of the committee commented on the merits of the bill.

BILL: SB16-035
TIME: 02:21:01 PM
MOVED: Johnston
MOTION: Refer Senate Bill 16-035, as amended, to the Committee on Appropriations. The motion passed on a vote of 5-0.
SECONDED:
VOTE
Holbert
Yes
Johnston
Yes
Kerr
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS







02:22 PM



The committee adjourned.




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