House Bill 75

Actions | Amendments
Last Action Vetoed
Title AN ACT relating to investments made by local governments.
Bill Documents Current/Final
Introduced
Impact Statements Local Mandate
Bill Request Number 432
Sponsors S. Riggs, J. Greer, A. Koenig, J. Miller, M. Prunty, R. Rothenburger
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, closed-end, and exchange-traded funds and funds investing in individual preferred stock or equities as long as no more than 7% of the portfolio is composed of individual equities at the time of purchase and qualifying high-quality corporate bonds if the funds are managed by a professional investment advisor; specify 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 Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on
Proposed Amendments House Committee Substitute 1
House Floor Amendment 1
Senate Committee Substitute 1
Senate Committee Amendment 1
Senate Floor Amendment 1
Senate Floor Amendment 2
Senate Floor Amendment 3
Senate Floor Amendment 4
Votes Vote History
Governor's Veto Message Veto

Actions

Top | Amendments
12/07/17
  • Prefiled by the sponsor(s).
01/02/18
  • introduced in House
  • to Local Government (H)
01/04/18
  • posted in committee
01/17/18
  • reported favorably, 1st reading, to Calendar with Committee Substitute (1)
01/18/18
  • 2nd reading, to Rules
  • floor amendment (1) filed to Committee Substitute
01/22/18
  • posted for passage in the Regular Orders of the Day for Tuesday, January 23, 2018
01/23/18
  • 3rd reading, passed 95-0 with Committee Substitute and floor amendment (1)
01/24/18
  • received in Senate
01/25/18
  • to State & Local Government (S)
03/14/18
  • reported favorably, 1st reading, to Consent Calendar
03/15/18
  • 2nd reading, to Rules
04/02/18
  • floor amendments (1) and (2-title) filed
04/13/18
  • floor amendments (3-title) and (4) filed
04/14/18
  • taken from Rules (S)
  • recommitted to Appropriations & Revenue (S)
  • reassigned to Veterans, Military Affairs, & Public Protection (S)
  • reported favorably, to Rules with Committee Substitute and committee amendment (1-title) as a consent bill
  • taken from Rules (S)
  • placed in the Consent Orders of the Day for Saturday, April 14, 2018
  • floor amendments (1) (2-title) (3-title) and (4) withdrawn
  • 3rd reading, passed 34-4 with Committee Substitute and committee amendment (1-title)
  • received in House
  • to Rules (H)
  • taken from Rules
  • posted for passage for concurrence in Senate Committee Substitute (1) committee amendment (1-title)
  • House concurred in Senate Committee Substitute (1) and committee amendment (1-title)
  • passed 83-1
  • enrolled, signed by Speaker of the House
  • enrolled, signed by President of the Senate
  • delivered to Governor
04/26/18
  • Vetoed

Proposed Amendments

Top | Actions
Amendment House Committee Substitute 1
Impact Statements Local Mandate
Summary Retain original provisions of bill relating to competent rating agencies, and allow exchange traded funds, individual equity securities, and individual high-quality corporate bonds to be invested in, provide limits for investments, including those for particular issuers.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment House Floor Amendment 1
Sponsor S. Riggs
Summary Include paragraphs (d) and (e) of subsection (1), relating to certificates of deposit, within the investment language set out in subsection (2)(d)2.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Committee Substitute 1
Summary 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, closed-end, and exchange-traded funds and funds investing in individual preferred stock or equities as long as no more than 7% of the portfolio is composed of individual equities at the time of purchase and qualifying high-quality corporate bonds if the funds are managed by a professional investment advisor; specify 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; allow exchange-traded funds, individual equity securities, and individual high-quality corporate bonds to be invested in, provide limits for investments, including those for particular issuers; create a new section of KRS Chapter 158 requiring schools to offer the Armed Services Vocational Aptitude Battery (ASVAB) test annually to students in grades 10 through 12, offer counseling based on the ASVAB test results, and allow up to four excused absences to meet with a recruiter of the Armed Forces of the United States or Kentucky National Guard; amend KRS 159.035 to allow excused absences for students who meet with a military recruiter, receive ASVAB counseling, or pursue enlistment.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Committee Amendment 1
Sponsor A. Robinson
Summary Make title amendment.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Floor Amendment 1
Sponsor D. Thayer
Summary Amend KRS 141.068 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 141.396 to sunset the tax credit and require reporting by the Department of Revenue; amend KRS 154.20-232 to require reporting by the Cabinet for Economic Development; amend KRS 154.20-236 to expand the amount of tax credits awarded to all investors to $5 million and to remove the overall tax combined credit cap of $40 million; amend KRS 154.20-250 to require a report by the Cabinet for Economic Development; amend KRS 154.20-255 to require that the total tax credits for all investors not exceed $3 million in any calendar year, to remove the overall combined credit cap of $40 million, and to sunset the tax credit; amend various sections of KRS Chapter 131 and 141 to conform.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Floor Amendment 2
Sponsor D. Thayer
Summary Make title amendment.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Floor Amendment 3
Sponsor J. Carroll
Summary Make title amendment.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Amendment Senate Floor Amendment 4
Sponsor J. Carroll
Summary Retain original provisions; repeal and reenact all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly (2018 Ky. Acts ch. 107) amending KRS Chapters 6, 7A, 11A, 16, 18A, 21, 61,78, and 161; repeal all sections of SB 151 as enacted at the 2018 Regular Session of the General Assembly creating new sections of KRS 61.510 to 61.705 and 161.220 to 161.716; provide that SB 151 as as enacted at the 2018 Regular Session of the General Assembly is repealed in its entirety and shall have no effect on the laws of the Commonwealth of Kentucky; direct the reviser of statutes that the provisions of this Act shall prevail over SB 151 as enacted at the 2018 Regular Session of the General Assembly, and no part of SB 151 shall be codified in the Kentucky Revised Statutes; EMERGENCY.
Index Headings Bonds, Public - Local governments, investments, limitations on
Cities - Investments, limitations on
Counties - Investments, limitations on
Counties, Urban - Investments, limitations on
Financial Responsibility - Local governments, investments, limitations on
Local Government - Investments, limitations on
Local Mandate - Investments, limitations on

Last updated: 1/16/2019 3:00 PM (EST)