Bill No.: HB0063                  Drafter:  DKG

 

LSO No.:  05LSO-0235              Effective Date:  7/1/2005

 

Enrolled Act No.:  HEA0078

 

Chapter No.:       124

 

Prime Sponsor:     Select Committee on Capital Financing and Investments

 

Catch Title:       State investment standards.

 

Subject:  Standards for state investments and for investment managers.

 

 

Summary/Major Elements:

 

·        Generally adopts the prudent investor standard for state investments, as those standards are specified under the Uniform Prudent Investor Act.

 

·        Modifies and clarifies the requirements for investment managers retained to help manage state investments.

 

·        Specifies that in making investment decisions, the overall portfolio and overall investment strategy and not only the specific investment must be considered.

 

·        Specifies permissible uses of investment managers in making direct investments and purchases of securities.