ARIZONA HOUSE OF REPRESENTATIVES Fifty-fourth Legislature Second Regular Session
	Senate: FIN 9-0-1-0 | 3^rd Read 30-0-0-0

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SB1072: state board of investment; continuation

Sponsor:  Senator Leach, LD 11

Committee on Ways & Means

Overview

Continues the Arizona State Board of Investment (BOI) for eight years.

History

The BOI reviews investments of treasury monies, serves as trustees of the permanent land funds and provides management of the assets of the funds consistent with outlined conditions (Ariz. Const. Art. 10 § 7).

BOI membership consists of the following: 1) the Arizona State Treasurer, who serves as the BOI chairman; 2) the Director of the Arizona Department of Administration (ADOA); 3) the Superintendent of Financial Institutions; 4) a member appointed by the Arizona State Treasurer who has verifiable expertise in investment management; and 5) a member appointed by the Arizona State Treasurer who represents a public entity with current deposits in a local government investment pool (A.R.S. § 35-311).  Laws 2019, Chapter 252 modified BOI membership to allow a designee in the place of the Director of ADOA and to replace the Superintendent of Financial Institutions with the Director of the Department of Insurance and Financial Institutions or its designee, effective July 1, 2020.

The BOI is set to terminate on July 1, 2020, unless legislation is enacted for its continuation (A.R.S. § 41-3020.13).

The Ways & Means Committee of Reference (COR) met on December 19, 2019, to consider the BOI's response to the sunset factors and receive public testimony. The COR recommended that the BOI be continued for eight years until July 1, 2028.

Provisions

1. Continues the BOI until July 1, 2028. (Sec. 2)

2. Repeals the BOI on January 1, 2029. (Sec. 2)

3. Contains a purpose statement. (Sec. 3)

4. Contains a retroactive provision. (Sec. 4)

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8.                   SB 1072

9. Initials VP  Page 0 Ways & Means

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