HOUSE BILL REPORT
SB 6663
As Reported By House Committee On:
Financial Institutions & Insurance
Title: An act relating to investments of surplus funds by community and technical college districts and the state board for community and technical colleges.
Brief Description: Authorizing community and technical college districts and the state board for community and technical colleges to participate with the state in investing surplus funds.
Sponsors: Senators Sheldon, Winsley and Drew; by request of State Board for Community and Technical Colleges.
Brief History:
Committee Activity:
Financial Institutions & Insurance: 2/19/96 [DP].
HOUSE COMMITTEE ON FINANCIAL INSTITUTIONS &
INSURANCE
Majority Report: Do pass. Signed by 14 members: Representatives L. Thomas, Chairman; Beeksma, Vice Chairman; Smith, Vice Chairman; Wolfe, Ranking Minority Member; Scheuerman, Assistant Ranking Minority Member; Campbell; Dellwo; Dyer; Grant; Huff; Keiser; Kessler; Pelesky and D. Sommers.
Staff: Charlie Gavigan (786-7340).
Background: Local governments can have the State Treasurer invest their surplus funds, pooling them to maximize return. The State Treasurer must keep a separate account for each participant in the investment pool.
Summary of Bill: Community and technical college districts and the State Board for Community and Technical Colleges are authorized to participate in the investment pool managed by the State Treasurer for local governments.
Appropriation: None.
Fiscal Note: Not requested.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Testimony For: This bill will allow districts to pool their funds in a larger pool, rather than investing individually. A larger pool through the Office of the State Treasurer will utilize that office's expertise, and should result in lower expenses and a better yield.
Testimony Against: None.
Testified: Senator Betti L. Sheldon, prime sponsor (supports); and Vallie Jo Fry, State Board for Community and Technical Colleges (supports).