House Committee on Education (03/23/2006)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON EDUCATION

Date:	03/23/2006	ATTENDANCE

Time:	01:36 PM to 01:53 PM	Benefield	X
		King	X
Place:	HCR 0107	Larson	*
		Massey	X
This Meeting was called to order by		McKinley	X
	Representative Merrifield	Penry	*
		Pommer	*
This Report was prepared by		Rose	X
	Cathy Eslinger	Solano	X
		Todd	X
		White	X
		Paccione	E
		Merrifield	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
SB06-152		Amended, Referred to Appropriations

01:37 PM -- Call to Order

The meeting was called to order by the chairman, Representative Merrifield.

01:37 PM -- Senate Bill 06-152

Representative Buescher reviewed the provisions of Senate Bill 06-152, concerning the oversight of investments for specified institutions of higher education. He discussed the fact that a similar bill had been heard in the House last year.

01:40 PM

The following persons testified:

01:40 PM -- Jim Cole, representing the Colorado School of Mines, testified in favor of the bill and responded to questions from the committee that the school has an annual cash flow of approximately $20-25 million. The committee was reminded of the discussion that had taken place last year regarding the bill that applied only to Mesa State College. Mr. Cole responded to additional questions from committee members.

01:42 PM -- Mike Feeley, representing Mesa State College, testified in favor of the bill and provided background on the development of the bill. He said that the Colorado School of Mines had requested to be included in the legislation.


BILL:	SB06-152
TIME:	01:44:42 PM
MOVED:	Penry
MOTION:	Moved amendment L.002 (Attachment A). The motion passed without objection.
SECONDED:	Rose
		VOTE
	Benefield
	King
	Larson
	Massey
	McKinley
	Penry
	Pommer
	Rose
	Solano
	Todd
	White
	Paccione	Excused
	Merrifield
Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection

01:46 PM

The committee discussed potential issues regarding the investment authority in the bill, and specifically investments in stocks. Representative Buescher responded that each institution would develop an appropriate investment strategy. The committee continued its discussion of the volatility, or conversely, the stability, of bonds and equities.


BILL:	SB06-152
TIME:	01:52:17 PM
MOVED:	Penry
MOTION:	Refer SB06-152, as amended, to the Committee on Appropriations. The motion passed on a 12-0 roll call vote.
SECONDED:	Rose
		VOTE
	Benefield	Yes
	King	Yes
	Larson	Yes
	Massey	Yes
	McKinley	Yes
	Penry	Yes
	Pommer	Yes
	Rose	Yes
	Solano	Yes
	Todd	Yes
	White	Yes
	Paccione	Excused
	Merrifield	Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS

01:52 PM

The committee adjourned.