Vote Smart's Synopsis:

Vote to pass a bill that reduces the governor's role over the State Investment Commission.

Highlights:

• Specifies the individuals appointed by the Governor as the following (Sec. 1-2):

• One to be selected from a list of 5 submitted to the Governor by the Kentucky Bankers Association; and 

• One to be selected from a list of 5 submitted to the Governor by the Independent Community Bankers Association.

• Authorizes any 3 persons who are members of the commission or alternates authorizedunder subsections 4 and 5 of this section to constitute a quorum and may, by majority vote, transact any business of the commission and specifies any 3 members of the commission may call a meeting (Sec. 1-7).

• Authorizes the State Investment Commission to promulgate administrative regulations for the investment and reinvestment of state funds in shares of mutual funds through the following (Sec. 1-10):

• The long and short term goals of any investment;

• The specification of moneys to be invested;

• The amount of funds which may be invested per instrument;

• The qualifications of instruments; and

• The acceptable maturity of investments.

• Specifies the authority granted by this section to the State Investment Commission to not extend any funds that are specifically provided by law to be invested by some other officer or agency of the state government (Sec. 1-13).

Full Bill Text