Revision: Nov. 21, 2023, 1:03 p.m.
2024 SESSION
24-3129.0
11/10
SENATE BILL [bill number]
SPONSORS: [sponsors]
COMMITTEE: [committee]
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ANALYSIS
This bill requires that at least 75 percent of funds held by the public deposit investment pool be invested or deposited in New Hampshire.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-3129.0
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. Any private investment advisor approved by the state treasurer and advisory committee shall ensure that no less than 75 percent of the funds held by the public deposit investment pool are invested or deposited within the state of New Hampshire and that such funds are insured or collateralized. Only 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, I to read as follows:
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.
3 Effective Date. This act shall take effect 60 days after its passage.