Date: 03/09/2006

Final
BILL SUMMARY for HB06-1287

SENATE COMMITTEE ON FINANCE

Votes: View--> Action Taken:
Motion to adopt L.003 (Attachment B). The motion
Motion to adopt L.004 (Attachment C). The motion
Motion to adopt L.006 (Attachment A). The motion
Motion to refer HB 06-1287, as amended, to the Com		Pass Without Objection
Pass Without Objection
Pass Without Objection
PASS


12:10 PM -- House Bill 06-1287

Senator Sandoval, prime sponsor, explained the provisions of HB 06-1287 which clarifies and amends existing statutes regarding the investment of public funds. Specifically, it clarifies the duration of security maturity periods, reorganizes requirements for investing public funds in certain securities, and requires public entities to update their investment policies. She explained why the bill was necessary.

The following people testified on the bill:

12:14 PM -- Mr. Ben Stein, Deputy Treasurer, spoke in favor of the bill. He indicated that a separate section of state statute deals with the investment of public funds by the state treasurer. This bill amends the statutes regarding the investment of public money by local government. These statutes apply to every local government so there inevitably is some tensions in the law. He indicated that the primary reason for the bill is to update the statutes and make the law easier to interpret. The law change would generally maintain existing investment practices and tighten standards in some cases. The law change would help minimize the risks of investment of public funds by local governments.

12:19 PM -- Mr. John Lefebvre, Adams County Treasurer and County Treasurer's Association, spoke in favor of bill. He discussed examples of why the bill was needed to clarify state law, such as clarifying whether certain investments were legal.

12:21 PM -- Mr. Glenn Scott, County Treasurer's Association, spoke in favor of the bill and discussed the need to update state law regarding the investment of public funds by local governments.

12:23 PM -- Mr. Richard Allen, Denver Public Schools, spoke in favor of the bill. He discussed the purpose of amendment L.006 (Attachment A) which would clarify the investment practices for the ProComp teacher pay system in the Denver Public Schools that recently was created.
BILL:HB06-1287
TIME: 12:26:35 PM
MOVED:Sandoval
MOTION:Motion to adopt L.003 (Attachment B). The motion passed without objection.
SECONDED:
VOTE
Brophy
Shaffer
Taylor
Teck
Tupa
Veiga
Excused
Sandoval
Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB06-1287
TIME: 12:27:16 PM
MOVED:Sandoval
MOTION:Motion to adopt L.004 (Attachment C). The motion passed without objection.
SECONDED:
VOTE
Brophy
Shaffer
Taylor
Teck
Tupa
Veiga
Excused
Sandoval
Not Final YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB06-1287
TIME: 12:27:49 PM
MOVED:Sandoval
MOTION:Motion to adopt L.006 (Attachment A). The motion passed without objection.
SECONDED:
VOTE
Brophy
Shaffer
Taylor
Teck
Tupa
Veiga
Excused
Sandoval
Not Final YES: 0 NO: 0 EXC:1 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:HB06-1287
TIME: 12:28:16 PM
MOVED:Sandoval
MOTION:Motion to refer HB 06-1287, as amended, to the Committee of the Whole with favorable recommendation. The motion passed on a 6 - 0 vote.
SECONDED:
VOTE
Brophy
Yes
Shaffer
Yes
Taylor
Yes
Teck
Yes
Tupa
Yes
Veiga
Excused
Sandoval
Yes
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS



12:29 PM

The committee recessed.