HB 4908

Abstract

Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool to supplement and enhance investment opportunities otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Makes changes to provisions concerning the direct deposit of State payments. Amends the Accountability for the Investment of Public Funds Act. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. Provides that each State agency shall make available on the Internet, and update at least monthly, no later than the end of each month (rather than by the 15th of the month), sufficient information concerning the investment of any public funds held by that State agency to identify specified information. Effective immediately. House Committee Amendment No. 1 Provides that the State Treasurer may establish and administer a non-profit investment pool and an electronic payments processing program (rather than a non-profit investment pool). Provides that the Treasurer may receive funds paid into the non-profit investment pool by a not-for-profit corporation that is exempt from taxation under Section 501(c)(3) or 501(c)(12) of the Internal Revenue Code (rather than Section 501(c) of the Internal Revenue Code). Corrects a grammatical error. Fiscal Note (Office of the Treasurer) The Treasurer’s Office does not anticipate the need for additional staff for the investment pool for 501(c) non-profit organizations. The costs for the investment pool will be paid for entirely by fees. Start-up costs will be absorbed by the existing budget. No dollar amount estimate is possible but is believed to be minimal.