First Regular Session H.B. 2432
COMMITTEE ON GOVERNMENT
SENATE AMENDMENTS TO H.B. 2432
(Reference to House engrossed bill)
Strike everything after the enacting clause and insert:
"Section 1. Section 35-316, Arizona Revised Statutes, is amended to read:
35-316. Investment pools; deduction; state treasurer's operating fund
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 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provides monies, the state treasurer may ask the depositor to specify the date or dates on which the monies will be withdrawn.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 of this section, 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 percent from the rate of earnings calculated pursuant to subsection C of this section on investment pools other than permanent endowment funds for the operating budget appropriated to the state treasurer's office each fiscal year.
E. The state treasurer's operating fund is established consisting of monies collected pursuant to subsection D of this section and section 35‑326.01. The state treasurer's office shall administer the state treasurer's operating fund. Monies in the fund are subject to legislative appropriation. Any management fees collected in excess of the amount appropriated to the state treasurer's office from the state treasurer's operating fund shall be deposited in the state general fund.
Sec. 2. Section 35-326.01, Arizona Revised Statutes, is amended to read:
35-326.01. Long-term local government investment pools; management fees; deposit
A. The state treasurer may establish new long‑term local government investment pools for trust and treasury monies, cities, towns, tribal governments, counties and political subdivisions of this state. The terms of the investment pools shall be as determined by the state board of investment.
B. A state treasurer's management fund is established consisting of Monies received by the state treasurer from management fees of the long‑term local government investment pools, except that management fees collected from trust and treasury monies shall be deposited pursuant to in the state treasurer's operating fund established by section 35‑316.
C. Subject to legislative appropriation, the state treasurer's portion of the monies in the fund shall be used only for personnel and operating expenses of the state treasurer's office relating to technology and investments.
D. State treasurer monies in the fund are exempt from the provisions of section 35‑190 relating to lapsing of appropriations.
Sec. 3. State treasurer's management fund; transfer
Any unexpended and unencumbered monies remaining in the state treasurer's management fund established by section 35-326.01, Arizona Revised Statutes, as amended by this act, are transferred to the state treasurer's operating fund established by section 35-316, Arizona Revised Statutes, as amended by this act, on the effective date of this section."
Amend title to conform