Amendment 2024-0696s to SB553 (2024)

Requiring that funds held by the public deposit investment pool be invested in New Hampshire.


Revision: Feb. 14, 2024, 10:56 a.m.

Senate Finance

February 14, 2024

2024-0696s

11/08

 

 

Amendment to SB 553-FN

 

Amend the bill by replacing all after the enacting clause 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.  Beginning June 22, 2025, any private investment advisor approved by the state treasurer and advisory committee shall ensure that all of the funds held by the public deposit investment pool are invested or deposited within the state of New Hampshire, and that all funds held by the public deposit investment pool are insured or collateralized.  Securities defined by the bank commissioner in rules adopted pursuant to RSA 383-B:3-301(e) shall be eligible to be pledged as collateral.

2  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.

3  Effective Date.  This act shall take effect upon its passage.