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.pdf 16SenateFin0412AttachC.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: | ||
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VOTE
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Holbert
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Johnston
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Kerr
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Hill
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Neville T.
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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| BILL: | SB16-035j | |
| TIME: | 02:20:09 PM | |
| MOVED: | ||
| MOTION: | Adopt Amendment L.010 (Attachment C). The motion passed without objection. | |
| SECONDED: | ||
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VOTE
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Holbert
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Johnston
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Kerr
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Hill
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Neville T.
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YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
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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: | ||
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VOTE
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Holbert
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Yes
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Johnston
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Yes
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Kerr
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Yes
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Hill
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Yes
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Neville T.
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Yes
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Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS
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02:22 PM
The committee adjourned.