SB 553-FN - AS AMENDED BY THE HOUSE
02/21/2024 0696s
23May2024... 1910h
2024 SESSION
24-3129
11/10
SENATE BILL 553-FN
SPONSORS: Sen. Rosenwald, Dist 13; Sen. Avard, Dist 12; Sen. Ricciardi, Dist 9; Sen. Soucy, Dist 18; Sen. Lang, Dist 2; Sen. D'Allesandro, Dist 20; Sen. Innis, Dist 7; Sen. Gendreau, Dist 1; Sen. Gannon, Dist 23; Sen. Bradley, Dist 3; Sen. Chandley, Dist 11; Rep. Burroughs, Carr. 2; Rep. Elberger, Hills. 5; Rep. Hunt, Ches. 14; Rep. Rochefort, Graf. 1; Rep. Spier, Hills. 6
COMMITTEE: Finance
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AMENDED ANALYSIS
This bill encourages the investment advisor for the public deposit investment pool maintain no less than 30 percent of the funds held by the public deposit investment pool in insured or collateralized deposits and requires them to achieve and maintain the highest attainable rating for stable value local government investment pools.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/21/2024 0696s
23May2024... 1910h 24-3129
11/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Public Deposit Investment Pool. Amend RSA 6:45, II to read as follows:
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] established by the state treasurer.
2 New Paragraphs; Investment Advisor Obligations. Amend RSA 6:45 by inserting after paragraph II the following new paragraphs:
II-a. The investment advisor selected by the state treasurer and advisory committee shall strive to maintain no less than 30 percent of the funds held by the public deposit investment pool in insured or collateralized deposits that meet the requirements of RSA 6:8,I and 6:8,I-a.
II-b. The investment advisor selected by the state treasurer and advisory committee shall achieve and maintain the highest attainable rating for stable value local government investment pools. The credit rating is an indication of the ability to preserve principal as determined by a nationally recognized statistical ratings organization.
3 Rulemaking; State Treasurer. Amend RSA 6:46 to read as follows:
6:46 Rulemaking.
The state treasurer [shall] may, 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 and disclosure of percentage of funds that are collateralized;
(h) Definition of pool participant eligibility;
(i) Disclosure of size of accounts, size of transactions and administrative costs;
(j) Disclosure of the amount of funds invested or deposited within the state of New Hampshire; and
(k) 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.
4 Repeal. RSA 6:45, II-a and II-b, relative to investment advisor obligations, is repealed.
I. Section 4 of this act shall take effect December 30, 2030.
II. The remainder of this act shall take effect upon its passage.
24-3129
Amended 5/29/24
SB 553-FN- FISCAL NOTE
AS AMENDED BY THE HOUSE (AMENDMENT #2024-1910h)
FISCAL IMPACT:
The Legislative Budget Assistant has determined that this legislation, as amended by the House, has a total fiscal impact of less than $10,000 in each of the fiscal years 2026 and 2027.
AGENCIES CONTACTED:
Treasury Department
| Date | Amendment |
|---|---|
| Feb. 14, 2024 | 2024-0696s |
| May 15, 2024 | 2024-1910h |
| Date | Body | Type |
|---|---|---|
| Jan. 30, 2024 | Senate | Hearing |
| Feb. 21, 2024 | Senate | Floor Vote |
| Feb. 21, 2024 | Senate | Floor Vote |
| April 17, 2024 | House | Hearing |
| May 13, 2024 | House | Exec Session |
| May 15, 2024 | House | Floor Vote |
| Oct. 23, 2024 | House | Exec Session |
| House | Floor Vote |
Oct. 31, 2024: Interim Study Report: Not Recommended for Future Legislation (Vote 17-0)
Sept. 24, 2024: Executive Session: 10/23/2024 10:00 am LOB 210-211
May 23, 2024: Refer for Interim Study: MA VV 05/23/2024 HJ 14 P. 105
May 23, 2024: Ought to Pass with Amendment 2024-1910h: MF DV 176-190 05/23/2024 HJ 14 P. 105
May 23, 2024: Amendment # 2024-1910h (NT): AA VV 05/23/2024 HJ 14 P. 105
May 15, 2024: Minority Committee Report: Refer for Interim Study
May 15, 2024: Majority Committee Report: Ought to Pass with Amendment # 2024-1910h (NT) 05/15/2024 (Vote 16-9; RC) HC 20 P. 23
May 8, 2024: Executive Session: 05/13/2024 01:00 pm LOB 210-211
May 8, 2024: ==CONTINUED== Division I Work Session: 05/08/2024 02:00 pm LOB 212
April 17, 2024: ==RECESSED== Division I Work Session: 05/07/2024 11:15 am LOB 212
April 11, 2024: Public Hearing: 04/17/2024 02:00 pm LOB 210-211
March 2, 2024: Introduced (in recess of) 02/22/2024 and referred to Finance HJ 6 P. 140
Feb. 21, 2024: Ought to Pass with Amendment 2024-0696s, RC 24Y-0N, MA; OT3rdg; 02/21/2024; SJ 5
Feb. 21, 2024: Committee Amendment # 2024-0696s, AA, VV; 02/21/2024; SJ 5
Feb. 15, 2024: Committee Report: Ought to Pass with Amendment # 2024-0696s, 02/21/2024, Vote 7-0; SC 8
Feb. 14, 2024: Committee Report: Ought to Pass with Amendment #2024-0696s, 02/21/2024, Vote 7-0; SC 8
Jan. 9, 2024: Hearing: 01/30/2024, Room 103, SH, 01:00 pm; SC 3
Dec. 14, 2023: To Be Introduced 01/03/2024 and Referred to Finance; SJ 1