Revision: May 15, 2024, 11:38 a.m.
Rep. Sweeney, Rock. 25
May 13, 2024
2024-1910h
05/11
Amendment to SB 553-FN
Amend the title of the bill by replacing it with the following:
AN ACT requiring the investment advisor for the public deposit investment pool to maintain funds in a particular manner.
Amend the bill by replacing section 1 with the following:
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.
Amend the bill by inserting after section 1 the following and renumbering the original sections 2-3 to read as 3-4, respectively:
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.
Amend the bill by replacing section 4 with the following:
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 RSA 6:45, II-a and II-b, relative to investment advisor obligations, is repealed.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.
2024-1910h
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.