Passed by the Senate March 6, 2012 YEAS 46   BRAD OWEN ________________________________________ President of the Senate Passed by the House March 2, 2012 YEAS 94   FRANK CHOPP ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 6468 as passed by the Senate and the House of Representatives on the dates hereon set forth. THOMAS HOEMANN ________________________________________ Secretary | |
Approved March 30, 2012, 11:59 a.m. CHRISTINE GREGOIRE ________________________________________ Governor of the State of Washington | March 30, 2012 Secretary of State State of Washington |
State of Washington | 62nd Legislature | 2012 Regular Session |
READ FIRST TIME 02/07/12.
AN ACT Relating to policies governing investments by state research universities; amending RCW 43.33A.150; adding a new section to chapter 28B.10 RCW; and providing a contingent effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 28B.10 RCW
to read as follows:
The boards of regents of the University of Washington and
Washington State University may each adopt a policy creating an
operating funds investment account, and may each deposit public moneys
from operating funds not needed for immediate expenditure into that
investment account. If a board of regents adopts a policy and deposits
public moneys in an operating funds investment account, the state
investment board has the full power to invest or reinvest the operating
funds investment account in a manner consistent with RCW 43.33A.140.
Income derived from investments pursuant to this section shall be for
the exclusive benefit of and shall be credited to the state university
less the applicable allocations to the state investment board expense
account pursuant to RCW 43.33A.160. Each operating funds investment
account shall be considered an investment fund within the meaning of
Article XXIX, section 1 of the state Constitution, for the purpose of
determining eligible investments and deposits of the moneys therein.
Sec. 2 RCW 43.33A.150 and 2007 c 215 s 4 are each amended to read
as follows:
(1) The state investment board shall prepare written reports at
least quarterly summarizing the investment activities of the state
investment board, which reports shall be sent to the governor, the
senate ways and means committee, the house appropriations committee,
the department of retirement systems, and other agencies having a
direct financial interest in the investment of funds by the board, and
to other persons on written request. The state investment board shall
provide information to the department of retirement systems necessary
for the preparation of monthly reports.
(2) At least annually, the board shall report on the board's
investment activities for the department of labor and industries'
accident, medical aid, and reserve funds to the senate financial
institutions and insurance committee, the senate economic development
and labor committee, and the house commerce and labor committee, or
appropriate successor committees.
(3) At least annually, the board shall report on the board's
investment activities for the higher education permanent funds to the
house capital budget committee and the senate ways and means committee.
(4) At least annually, the board shall report on the board's
investment activities for the University of Washington and Washington
State University operating funds investment accounts to the house ways
and means committee and the senate ways and means committee.
NEW SECTION. Sec. 3 This act takes effect if the proposed
amendment to Article XXIX, section 1 of the state Constitution (Senate
Joint Resolution No. 8223) is validly submitted to and is approved and
ratified by the voters at the next general election. If the proposed
amendment is not approved and ratified, this act is void in its
entirety.