HB 17-1152

  • Colorado House Bill
  • 2017 Regular Session
  • Introduced in House Feb 24, 2017
  • House
  • Senate
  • Signed by Governor Apr 04, 2017

Federal Mineral Lease District Investment Authority

Abstract

The bill gives a federal mineral lease district (district) the option, but not the obligation, to invest a portion of the funding it receives from the local government mineral impact fund in a fund. Current law requires the district to distribute the funding to impacted areas in the district, but also allows the district to reserve all or a portion of the funding for use in subsequent years. The bill specifies that the district may appropriate and disburse any part of the invested funding and all sums in excess thereof, including interest, dividends, or similar appreciated values, but specifies that the district shall do so only upon the enactment of a resolution identifying the reason for the appropriation and disbursement. The bill specifies that the district may invest the funding subject to the district's investment policy and in any investment in which the board of trustees of the public employees' retirement association may invest the funds of the association, which are the same investments in which the state treasurer is authorized to invest the local government permanent fund, which is comprised of 50% of the federal mineral lease bonus payments. The bill allows the board of directors to engage the services of investment advisors, but specifies that the selection of investment advisors must be made following an open and competitive process. The bill also requires the district to adopt an investment policy resolution that must be reviewed annually and must include: An acknowledgment of the board of director's fiduciary responsibility with respect to oversight of the district's investment policy; Performance benchmarks for all investments and for all investment advisors who may be hired by the board of directors; A requirement for the preparation and publication of annual financial statements that must include, at a minimum, information regarding starting balances, contributions, investment income, and losses, if any, and any investment fees incurred; Careful consideration of investment fees or other brokerage costs which might reduce investment returns; and A requirement that the board of directors annually review the investments and annually set appropriations to be included in the trust fund.(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Bill Sponsors (3)

Votes


Actions


Apr 04, 2017

Office of the Governor

Governor Signed

Mar 29, 2017

Colorado General Assembly

Signed by the President of the Senate

Office of the Governor

Sent to the Governor

Colorado General Assembly

Signed by the Speaker of the House

Mar 21, 2017

Colorado General Assembly

Senate Third Reading Passed - No Amendments

Mar 20, 2017

Colorado General Assembly

Senate Second Reading Passed - No Amendments

Mar 15, 2017

Colorado General Assembly

Senate Committee on Agriculture, Natural Resources, & Energy Refer Unamended - Consent Calendar to Senate Committee of the Whole

  • Committee-Passage
Agriculture, Natural Resources, & Energy

Feb 24, 2017

Colorado General Assembly

Introduced In Senate - Assigned to Agriculture, Natural Resources, & Energy

  • Introduction
Agriculture, Natural Resources, & Energy

Feb 23, 2017

Colorado General Assembly

House Third Reading Passed - No Amendments

Feb 22, 2017

Colorado General Assembly

House Third Reading Laid Over Daily - No Amendments

Feb 21, 2017

Colorado General Assembly

House Second Reading Passed with Amendments - Committee

Feb 15, 2017

Colorado General Assembly

House Committee on Transportation & Energy Refer Amended to House Committee of the Whole

  • Referral-Committee
  • Committee-Passage
House Committee of the Whole Transportation & Energy

Feb 06, 2017

Colorado General Assembly

Introduced In House - Assigned to Transportation & Energy

  • Introduction
Transportation & Energy

Bill Text

Bill Text Versions Format
Amendment L.002 PDF
Amendment L.001 PDF
Committee Amendment PDF
PA1 (02/17/2017) PDF
Introduced (02/06/2017) PDF
Engrossed (02/21/2017) PDF
Reengrossed (02/23/2017) PDF
Revised (03/20/2017) PDF
Rerevised (03/21/2017) PDF
Final Act (03/29/2017) PDF
Signed Act (04/04/2017) PDF

Related Documents

Document Format
Fiscal Note FN1 (02/10/2017) PDF
Fiscal Note FN2 (07/12/2017) PDF

Sources

Data on Open States is updated nightly from the official website of the Colorado General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.