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REFERENCE TITLE: state treasurer; quarterly meetings |
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State of Arizona House of Representatives Forty-ninth Legislature Second Regular Session 2010
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HB 2377 |
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Introduced by Representative Crump
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AN ACT
Amending section 35‑316, Arizona Revised Statutes; relating to the state treasurer.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-316, Arizona Revised Statutes, is amended to read:
35-316. Investment pools; deduction; quarterly meetings
A. The state treasurer may establish and maintain investment pools for the collective investment of trust monies in this state.
B. The state treasurer may deposit operating monies in the investment pools and receive into such the pools any monies a state agency, county, city or town or any other political subdivision or public entity in this state may supply. When a depositor provides monies, the state treasurer may ask the depositor to specify the date or dates on which the monies will be withdrawn. All investment pools shall be invested by the state treasurer for such periods as will facilitate the highest return on the monies deposited and provide the required liquidity to the depositors.
C. The state treasurer shall compute on a monthly basis the rate of earnings on the investment pools for that month, and, except as provided in subsection D, each depositor shall be credited with an amount determined by applying the calculated monthly rate to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited monthly promptly after calculation.
D. The state treasurer may deduct monthly a management fee not to exceed six-hundredths of one per cent from the rate of earnings calculated pursuant to subsection C on investment pools other than permanent endowment funds for the operating budget appropriated to the state treasurer's office each fiscal year. Any excess management fees collected each month shall be deposited in the state general fund.
E. The state treasurer shall conduct regular quarterly meetings for the benefit of endowment beneficiaries and all depositors in the various investment pools established and maintained by the treasurer. The quarterly meetings shall be open to the public. At each meeting, the treasurer shall report on the performance of current investments as of the close of business of the preceding quarter, a state and national economic forecast and the operations of the office.