Bill No.:                     HB0215                                 Drafter:  DKG

LSO No.:                   13LSO-0550                         Effective Date:  Immediate

Enrolled Act No.:    HEA0079

Chapter No.:            CH0095

Prime Sponsor:       Representative Patton

Catch Title:              State investments for a public purpose.

Subject:                     Investment of state funds for public purposes (usually economic development).

Summary/Major Elements:

· This Act lowers the amount of permanent funds which the state treasurer may invest in industrial development bonds issued by joint powers boards, counties or municipalities, from $600 million to $300 million.

· The Act provides rulemaking authority to the state treasurer in carrying out his duties in investing in those bonds.

· The Act also lowers the overall amount of state funds invested for a public purpose as authorized or directed by the legislature from $1 billion to $600 million.

Comments:

· Popular name – the public purpose investments have previously been known as legislatively designated investments (LDIs).