15RS House Bill 527

Actions

Last Action	to State & Local Government (S)
Title	AN ACT relating to investments made by local governments.
Bill Documents	Bill
Impact Statements	Local Mandate
Bill Request Number	1618
Sponsors	R. Meyer, J. Richards, D. Graham, C. Howard, T. Mills, S. Overly, R. Smart
Summary of Original Version	Amend KRS 66.480, relating to investments for local governments, to remove the 20% restriction from securities and to add to the permitted investments local governments may make mutual funds and exchange traded funds and funds investing in individual equities as long as no more than 5% of the portfolio is composed of individual equities at the time of purchase and high quality corporate bonds meeting the qualifications set out therein if the funds are managed by a professional investment advisor; provide that these two additional investment types cannot exceed 20% of the total amount of money invested by the local government; establish an investment limit of 5% of the total amount of money invested in any one issuer unless the issuer is the U.S. government or an agency thereof, or an entity whose obligations are guaranteed by the federal government.
Index Headings of Original Version	Local Mandate - Local governments, investments Financial Responsibility - Local governments, investments Local Government - Investments Bonds, Public - Local governments, investments Cities - Investments Counties - Investments Counties, Urban - Investments
Votes	Vote History

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02/23/15	introduced in House
02/24/15	to Local Government (H)
02/25/15	taken from Local Government (H) 1st reading returned to Local Government (H) posting waived
02/26/15	reported favorably, 2nd reading, to Rules posted for passage in the Regular Orders of the Day for Friday, February 27, 2015
03/02/15	3rd reading, passed 93-0 received in Senate
03/03/15	to State & Local Government (S)