ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fourth Legislature

Second Regular Session

 

HB 2242: treasurer; investment of trust funds

Sponsor:  Representative Kavanagh, LD 23

Committee on Government

Overview

Removes current statute relating to permanent endowment funds.

History

The State Treasurer is tasked with receiving and keeping in secure custody all monies that belong to the state.  Additionally, the State Treasurer is required to keep an account of all monies that are received and disbursed and keep separate accounts of the appropriations of money and the different funds (A.R.S. § 41-172).

Permanent endowment funds are defined in statute as the funds or any part of a fund established to retain trust monies, not wholly expendable by the beneficiary on a current basis.  All monies in the treasury of this state, other than operating monies, that are entrusted to the State Treasurer for investment and preservation are known as trust monies (A.R.S. § 35-310).

Provisions

1.    ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteRepeals current language relating to permanent endowment funds that are managed by the State Treasurer rather than other treasurers in the state. (Sec. 1)

2.    Makes technical and conforming changes. (Sec. 1)

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6.    Initials SJ              Government

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