Karen Engleman
- Republican
- Representative
- District 70
Author
Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.
No votes to display
Signed by the Governor
Public Law 40
Signed by the President of the Senate
Signed by the President Pro Tempore
Signed by the Speaker
Returned to the House without amendments
Third reading: passed; Roll Call 246: yeas 47, nays 0
Second reading: ordered engrossed
Committee report: do pass, adopted
First reading: referred to Committee on Local Government
Referred to the Senate
Senate sponsors: Senators Grooms, Charbonneau, Tallian
Third reading: passed; Roll Call 149: yeas 95, nays 0
Second reading: ordered engrossed
Committee report: amend do pass, adopted
Authored by Representative Engleman
First reading: referred to Committee on Local Government
Coauthored by Representative Clere
| Bill Text Versions | Format |
|---|---|
| Introduced House Bill (H) | |
| House Bill (H) | |
| House Bill (S) | |
| Enrolled House Bill (H) |
| Document | Format |
|---|---|
| Fiscal Note: HB1407.04.ENRS.FN001 |
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