Bill No.: SF0024                  Drafter:  LGC

LSO No.:  11LSO-0230              Effective Date:  7/1/2011

Enrolled Act No.:  SEA0025

Chapter No.:       47

Prime Sponsor:     Senator Martin

Catch Title:       State investments.

Subject:  State investment in industrial development bonds.

Summary/Major Elements:

· This act increases the amount the state treasurer may invest in industrial development bonds from one hundred million dollars to six hundred million dollars and limits those investments to not more than one hundred million dollars in any one project.  This act subjects those investments to the prudent investor standard.

· This act extends the state treasurer's authority to invest in industrial development bonds through June 30, 2017.  The authority was to expire June 30, 2011.

· This act also increases the overall amount the state treasurer may invest in specific public purpose investments from five hundred million dollars to one billion dollars.

Comments:

· Contains delayed repeal date:  Authority to invest in industrial development bonds sunsets on June 30, 2017.