Relating to public investments; appropriating money; declaring an emergency.
Catchline/Summary:
Establishes Oregon Investment Department as public investment agency to be supervised by director appointed by Oregon Investment Council. Establishes Oregon Investment Department as public investment agency to be supervised by director appointed by Oregon Investment Council. Specifies duties, functions and powers of department. Transfers duties of State Treasurer as investment officer to department.
Establishes Oregon Investment Department Fund. Continuously appropriates moneys in fund to department for expenses of department and council.
Exempts department and council from certain laws regulating governmental entities.
Directs department to submit biennial budget to Legislative Assembly. Specifies that budget takes effect unless Legislative Assembly enacts changes to budget by June 1 of odd-numbered year. Directs Governor to consult with State Treasurer regarding appointees to Oregon Investment Council. Directs Legislative Assembly to review results of implementation of Act at 2021 regular session.
Designates State Treasurer as vice chairperson of Oregon Investment Council. On January 1, 2017, designates State Treasurer as chairperson of council.
Directs department to report annually to Legislative Assembly and Governor regarding investment funds investment program and annual costs incurred by department.
Decreases limitation on expenditures of State Treasurer for administrative expenses of State Treasury operations.
Limits investment of local government funds to statutory investment pool for local and tribal government funds. Authorizes State Treasurer or department to require local or tribal government to enter into investment agreement as condition of placing funds in investment pool.
Declares emergency, effective on passage.
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HB 4144
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