HB 595-FN - FINAL VERSION
HOUSE BILL 595-FN
SPONSORS: Rep. Hunt, Ches. 14; Rep. Lascelles, Hills. 14; Sen. Rosenwald, Dist 13
COMMITTEE: Commerce and Consumer Affairs
This bill changes the oversight of the public deposit investment pool from the banking department to the state treasurer.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
22Mar2023... 0808h 23-0498
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
Be it Enacted by the Senate and House of Representatives in General Court convened:
36:1 New Subdivision; Public Deposit Investment Pool. Amend RSA 6 by inserting after section 44 the following new subdivision:
Public Deposit Investment Pool
6:45 Public Deposit Investment Pool.
I. The state treasurer shall, with the assistance of the advisory committee created under RSA 6:47, establish and operate a public deposit investment pool, for the purpose of investing funds of the state, and funds under the custody of governmental units, pooled risk management programs established pursuant to RSA 5-B, agencies, authorities, commissions, boards, political subdivisions and all other public units within or instrumentalities of the state.
II. The public deposit investment pool shall be operated under contract with a private investment advisor, approved by the state treasurer and advisory committee. The state treasurer and advisory committee shall choose an investment advisor by requesting proposals from advisors and reviewing such proposals based on criteria adopted by rule under RSA 6:46.
III. The state treasurer shall make available to prospective depositors detailed information on the public deposit investment pool, similar to that information generally contained in a securities prospectus. The state treasurer shall also ensure that periodic statements of accounts and reports on holdings are provided to pool participants relative to their proportionate share of the pool.
IV. The state treasurer shall cause an independent audit of the pool to be conducted on an annual basis. The auditor shall be selected by the advisory committee.
V. The state treasurer shall charge the public deposit investment pool any actual costs incurred by the department for the operation of the pool as well as any expenses of department personnel assisting in the operation of the pool. The private investment advisor retained under paragraph II shall be responsible for processing any invoice submitted for the actual costs incurred by the department and the expenses of department personnel under this paragraph.
6:46 Rulemaking. The state treasurer shall, with the approval of the advisory committee, adopt rules, pursuant to RSA 541-A, relative to:
I. Formulation of a disclosure policy and materials to be included in a prospectus and in periodic reports to participants, including:
(a) A written statement of policy and pool objectives;
(b) Investment objectives designed to meet the pool objectives;
(c) A description of eligible investment instruments;
(d) The credit standard of investment;
(e) Allowable maturity range of investments;
(f) The limits of portfolio concentration permitted for each type of security;
(g) Safekeeping practices;
(h) Definition of pool participant eligibility;
(i) Disclosure of size of accounts, size of transactions and administrative costs; and
(j) Instructions for establishing and utilizing accounts.
II. Investment and administrative policies, practices, and restrictions, including the frequency and method used for calculating valuation, yields, and earnings.
III. Requests for proposals from investment managers and criteria for reviewing such proposals.
6:47 Public Deposit Investment Pool Advisory Committee.
I. There is established an advisory committee on the public deposit investment pool, consisting of the following members:
(a) The state treasurer.
(b) The commissioner of the department of revenue administration or designee.
(c) Two members appointed by the New Hampshire Government Finance Officers Association.
(d) Two members appointed by the New Hampshire Bankers Association.
(e) One county finance officer appointed by the New Hampshire Association of Counties.
(f) One city finance officer, appointed by the New Hampshire Municipal Association.
(g) One school district finance officer, appointed by the New Hampshire School Boards Association.
II. The advisory committee shall assist and advise the treasurer on the establishment and operation of the investment pool, including:
(a) Formulating the disclosure policy.
(b) Determining eligible investment vehicles.
(c) Establishing performance standards.
(d) Monitoring the outflow of funds from financial institutions.
(e) Determining compliance with written investment policies.
(f) Conducting periodic reviews of the public deposit investment pool.
36:2 Public Deposit Investment Pool; Cross References Amended. Amend the following RSA sections by replacing "RSA 383:22" with "RSA 6:45": RSA 6:8; the introductory paragraph in RSA 29:1, I; RSA 29:1, IV; RSA 29:3; RSA 31:25; RSA 31:27; RSA 34:5; RSA 35:9; the introductory paragraph in RSA 41:29, II; RSA 41:29, IV; the introductory paragraph in RSA 48:16, I; RSA 48:16, III; the introductory paragraph in RSA 197:23-a, I; and RSA 197:23-a, IV.
I. RSA 383:22, relative to the public deposit investment pool.
II. RSA 383:23, relative to rulemaking for the public deposit investment pool.
III. RSA 383:24, relative to the advisory committee for the public deposit investment pool.
Approved: May 17, 2023
Effective Date: July 16, 2023
|Feb. 7, 2023||House||Hearing|
|Feb. 7, 2023||House||Hearing|
|Feb. 7, 2023||House||Hearing|
|March 8, 2023||House||Exec Session|
|March 14, 2023||House||Floor Vote|
|April 4, 2023||Senate||Hearing|
|April 13, 2023||Senate||Floor Vote|
May 19, 2023: Signed by Governor Sununu 05/17/2023; Chapter 36; Eff: 07/16/2023
May 15, 2023: Enrolled (in recess of) 05/04/2023
May 12, 2023: Enrolled Adopted, VV, (In recess 05/11/2023); SJ 15
April 13, 2023: Ought to Pass: MA, VV; OT3rdg; 04/13/2023; SJ 13
April 4, 2023: Committee Report: Ought to Pass, 04/13/2023; SC 17
March 30, 2023: Hearing: 04/04/2023, Room 100, SH, 09:20 am; SC 16
March 24, 2023: Introduced 03/23/2023 and Referred to Commerce; SJ 12
March 22, 2023: Ought to Pass with Amendment 2023-0808h: MA VV 03/22/2023 HJ 10 P. 6
March 22, 2023: Amendment # 2023-0808h: AA VV 03/22/2023 HJ 10 P. 6
March 14, 2023: Committee Report: Ought to Pass with Amendment # 2023-0808h (Vote 03/14/2023; 19-0) HC 16 P. 5
Feb. 23, 2023: Subcommittee Work Session: 03/07/2023 10:00 am LOB210-211
Feb. 23, 2023: Executive Session: 03/08/2023 01:15 pm LOB 302-304
Feb. 23, 2023: Public Hearing: 02/07/2023 10:30 am LOB 210-211
Feb. 2, 2023: Public Hearing: 02/07/2023 10:30 am LOB 210-211
Feb. 1, 2023: Public Hearing: 02/07/2023 10:30 am LOB 210-211
Jan. 12, 2023: Introduced (in recess of) 01/05/2023 and referred to Commerce and Consumer Affairs HJ 3 P. 22