CERTIFICATION OF ENROLLMENT

SUBSTITUTE SENATE BILL 6468

Chapter 231, Laws of 2012

62nd Legislature
2012 Regular Session



STATE RESEARCH UNIVERSITIES--INVESTMENT POLICIES



EFFECTIVE DATE: Contingent, see section 3

Passed by the Senate March 6, 2012
  YEAS 46   NAYS 3

BRAD OWEN
________________________________________    
President of the Senate
Passed by the House March 2, 2012
  YEAS 94   NAYS 1

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


 
CERTIFICATE

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
 
FILED
March 30, 2012







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE SENATE BILL 6468
_____________________________________________

AS AMENDED BY THE HOUSE

Passed Legislature - 2012 Regular Session
State of Washington62nd Legislature2012 Regular Session

By Senate Ways & Means (originally sponsored by Senators Kilmer, Schoesler, Tom, Murray, Harper, Conway, and Shin)

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.


         Passed by the Senate March 6, 2012.
         Passed by the House March 2, 2012.
         Approved by the Governor March 30, 2012.
         Filed in Office of Secretary of State March 30, 2012.