Final
BILL SUMMARY for HB05-1096

SENATE COMMITTEE ON EDUCATION

Votes:
Action Taken:
<none><none>




01:41 PM

 Senator Windels and the committee honored Jennifer Thomsen, the Senate Education committee staffer, who is leaving today on maternity leave.


01:43 PM -- House Bill 05-1096

Senator Teck explained HB 1096 which deals with the oversight of investments of Mesa State College. The following individuals testified:

01:46 PM -- Ben Stein, State Treasurer's Office, spoke in opposition to the bill. He distributed a handout which details his concerns (Attachment A). He expressed concern that the General Assembly could be asked in the future to help Mesa State if there are any problems with its investments. He also stated that the bill could seriously impact the state's cash flow. Mr. Stein responded to questions from the committee. Senator Teck also responded to some of the questions that were raised based on the witness's testimony, discussing that Mesa State has several needs that they need to find out how to fund.

01:59 PM -- Senator Teck continued to respond to some of the concerns raised by the committee. Mr. Stein elaborated on his testimony that the University of Colorado was already doing the type of investment this bill allows.

02:03 PM -- Cole Wist, member of the Mesa State Board of Trustees, spoke in support of HB 1096. He stated that Mesa State will have more control over its investment needs under this bill. He added that the 5-year sunset provision of the bill will prevent any problems with the investment strategies. Mr. Wist responded to questions from the committee.

02:10 PM -- Michele Hanigsberg, Office of Legislative Legal Services, came to the table to try to respond to a question regarding whether Mesa State was obligated to stick to this plan for the full five years, or whether there was some sort of "an out" for Mesa State in the bill in the event that it was determined that they wanted to return to the current system. She stated that she could make it more clear in the bill Mesa State could put their money back in the state treasury if needed.

02:12 PM -- The committee discussed whether the investment advisory committee members could be personally liable for the investments. Senator Teck stated that he would look at this issue.


02:13 PM

Senator Teck asked the chair to pull the bill off the table until Senator Evans was able to be present. Senator Windels stated that HB 1096 will be laid over until Thursday, March 24, for action only.