State funds-investment management review.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0232.W3

DRAFT
ONLY
NOT APPROVED FOR INTRODUCTION

HOUSE BILL
NO.

State
funds-
investment
management review
.

Sponsored by:
Representative(s)

Landon

A BILL

for

AN ACT relating to public funds; creating the state funds
investment management
review
board; specifying composition
of the board; requiring review of
the management of state funds
; providing for a reorganization plan; requiring a report; providing an appropriation;
and providing for a
n
effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

(a)

There is created a state
funds
investment
management review
board
. The board shall consist of
five (5)
qualified electors of the state appointed by the governor. The appointed members shall have background
s
in investments, finance or trust administration. No two (2) appointed members shall reside in the same appointment district set forth in W.S. 9
‑
1
‑
218. Not more than
three (3)
members shall be of the same political party. Vacancies of appointed members shall be filled
by appointment by the governor
.
When engaged in the performance of their duties, members of the board shall receive salary
,
travel expenses and per diem
at the same rate as
paid to members of the
Wyoming
legislature.

(b)

The governor may remove any member from the board as provided in W.S. 9
‑
1
‑
202.

(
c
)

The board shall elect a chairman
.
The board
shall
convene at the request of the chairman or as the board may determine necessary to transact its business.

(
d
)

The board shall
review
investm
ent management
structures for
public and private funds in Wyoming and other states, consult with the state loan and investment board, and
prepare a plan for
the composition of a board overseeing the
investment
management of state
permanent
funds
currently overseen by the state loan and investment board
and reorganization of functions to implement the plan
. The
plan
shall be submitted on or before October 15, 2008 to the select committee on capital financing and investments
. The select committee shall
review
the plan
,

hold at least one (1) public hearing
jointly with the investment
management review
board
regarding the plan,
and sponsor legislation to implement
the plan as it deems appropriate. The plan and any proposed legislation shall be submitted by the select committee to the
legislature not later than December 1, 2008. The plan, as approved by the legislature through a bill, shall be implemented not later than July 1
, 2009
.

(
e
)

The
office of state lands and investments
shall provide staff and other
administrative
support for the
investment management review
board in preparing the plan. All state agencies and departments shall cooperate with and provide all requested information to the board in development of the plan.
The plan shall
contain at a minimum:

(i)

A listing and description of
current functions
and
duti
es relating to the
investment
management of state funds
;

(ii)

An
identif
ication of thos
e duties and functions
which involve
oversight or decision making regarding the
investment
management
of state funds
. F
unds classified as state permanent funds either by state or federal statute or the
Wyoming

c
onstitution
shall be distinguished
from other state funds. The amount and asset portfolio for each of those funds shall be reported;

(iii) Recommended composition of a board
and staff
to
oversee
the
investment
management of state permanent funds
currently overseen by the state loan and investment board
;

(i
v
)

Recommended
statutory
changes transferring, eliminating or modifying functions and duties

relating to the
investment
management of state
permanent
funds
.
Duties and functions involving investment
management
decision
s
of state permanent funds, as classified either by the
Wyoming

c
onstitution or federal law, shall be transferred to
a
state permanent funds investment board
.

(f) The investment management review board shall terminate on June 30, 2009.

Section
2
.

There is appropriated
ten thousand dollars ($10,000.00)
from the
general
fund to the
office of state lands and investments.
This appropriation shall be for the period beginning with the effective date of this act and ending
June 30, 2009
.

This appropriation shall only be expended for the purpose of
developing the plan required by this act and to pay
salary
,
travel expenses and per diem
of the
members of the
state investment
management review
board. Notwith
standing any other provision of law, this appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on
Ju
ne

30
, 2009.

Section
3
.
This act is effective immediately upon co
m
pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit
u
tion.

(END)

1