Connecticut 2021 Regular Session

Connecticut Senate Bill SB00971 Compare Versions

Version 1 (Old)

Version 2 (New)

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7		-	General Assembly Substitute Bill No. 971
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	5	+	LCO No. 4121 1 of 3
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	7	+	General Assembly Raised Bill No. 971
8	8		January Session, 2021
	9	+	LCO No. 4121
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	12	+	Referred to Committee on PLANNING AND DEVELOPMENT
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	15	+	Introduced by:
	16	+	(PD)
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14	21		AN ACT CONCERNING TH E STATE TREASURER AN D CLIMATE
15	22		CHANGE AND COASTAL R ESILIENCY RESERVE FUNDS.
16	23		Be it enacted by the Senate and House of Representatives in General
17	24		Assembly convened:
18	25
19	26		Section 1. Subsection (c) of section 7-159d of the general statutes is 1
20	27		repealed and the following is substituted in lieu thereof (Effective from 2
21	28		passage): 3
22	29		(c) The budget-making authority of such municipality may, from 4
23	30		time to time, direct the treasurer to invest a portion of such Climate 5
24	31		Change and Coastal Resiliency Reserve Fund as in the opinion of such 6
25	32		authority is advisable, including in any trust fund administered, held or 7
26		-	invested by the State Treasurer pursuant to chapter 32 and for which the 8
27		-	State Treasurer may adopt regulations, in accordance with chapter 54, 9
28		-	to allow for the investment of moneys held in any such reserve fund, 10
29		-	provided: (1) Not more than forty per cent, or with respect to such a 11
30		-	reserve fund for which the budget-making authority has adopted an 12
31		-	asset allocation and investment policy, fifty per cent, of the total amount 13
32		-	of such reserve fund shall be invested in equity securities, and (2) any 14
33		-	portion of such reserve fund not invested pursuant to subdivision (1) of 15
34		-	this subsection may be invested in: (A) Bonds or obligations of, or 16
35		-	guaranteed by, the state or the United States, or agencies or 17
36		-	instrumentalities of the United States, (B) certificates of deposit, 18 Substitute Bill No. 971
	33	+	invested by the treasurer pursuant to chapter 32 and for which the 8
	34	+	treasurer may adopt regulations, in accordance with chapter 54, to allow 9
	35	+	for the investment of moneys held in any such reserve fund, provided: 10
	36	+	(1) Not more than forty per cent, or with respect to such a reserve fund 11
	37	+	for which the budget-making authority has adopted an asset allocation 12
	38	+	and investment policy, fifty per cent, of the total amount of such reserve 13
	39	+	fund shall be invested in equity securities, and (2) any portion of such 14
	40	+	reserve fund not invested pursuant to subdivision (1) of this subsection 15 Raised Bill No. 971
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43		-	commercial paper, savings accounts and bank acceptances, (C) the 19
44		-	obligations of any state of the United States or any political subdivision 20
45		-	thereof or the obligations of any instrumentality, authority or agency of 21
46		-	any state or political subdivision thereof, if, at the time of investment, 22
47		-	such obligations are rated in the top rating categories of any nationally 23
48		-	recognized rating service or of any rating service recognized by the 24
49		-	Banking Commissioner, and applicable to such obligations, (D) the 25
50		-	obligations of any regional school district in this state, of any 26
51		-	municipality in this state or any metropolitan district in this state, if, at 27
52		-	the time of investment, such obligations of such government entity are 28
53		-	rated in one of the top two rating categories of any nationally recognized 29
54		-	rating service or of any rating service recognized by the Banking 30
55		-	Commissioner, and applicable to such obligations, (E) in any fund in 31
56		-	which a trustee may invest pursuant to section 36a-353, (F) investment 32
57		-	agreements with financial institutions whose long-term obligations are 33
58		-	rated in the top two rating categories of any nationally recognized rating 34
59		-	service or of any rating service recognized by the Banking 35
60		-	Commissioner or whose short-term obligations are rated in the top 36
61		-	rating category of any nationally recognized rating service or of any 37
62		-	rating service recognized by the Banking Commissioner, or (G) 38
63		-	investment agreements fully secured by obligations of, or guaranteed 39
64		-	by, the United States or agencies or instrumentalities of the United 40
65		-	States. 41
66		-	Sec. 2. Section 3-13c of the general statutes is repealed and the 42
67		-	following is substituted in lieu thereof (Effective from passage): 43
68		-	Trust funds as used in sections 3-13 to 3-13e, inclusive, and 3-31b shall 44
69		-	be construed to include Connecticut Municipal Employees' Retirement 45
70		-	Fund A, Connecticut Municipal Employees' Retirement Fund B, 46
71		-	Soldiers, Sailors and Marines Fund, Family and Medical Leave 47
72		-	Insurance Trust Fund, State's Attorneys' Retirement Fund, Teachers' 48
73		-	Annuity Fund, Teachers' Pension Fund, Teachers' Survivorship and 49
74		-	Dependency Fund, School Fund, State Employees Retirement Fund, the 50
75		-	Hospital Insurance Fund, Policemen and Firemen Survivor's Benefit 51 Substitute Bill No. 971
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	46	+	may be invested in: (A) Bonds or obligations of, or guaranteed by, the 16
	47	+	state or the United States, or agencies or instrumentalities of the United 17
	48	+	States, (B) certificates of deposit, commercial paper, savings accounts 18
	49	+	and bank acceptances, (C) the obligations of any state of the United 19
	50	+	States or any political subdivision thereof or the obligations of any 20
	51	+	instrumentality, authority or agency of any state or political subdivision 21
	52	+	thereof, if, at the time of investment, such obligations are rated in the 22
	53	+	top rating categories of any nationally recognized rating service or of 23
	54	+	any rating service recognized by the Banking Commissioner, and 24
	55	+	applicable to such obligations, (D) the obligations of any regional school 25
	56	+	district in this state, of any municipality in this state or any metropolitan 26
	57	+	district in this state, if, at the time of investment, such obligations of such 27
	58	+	government entity are rated in one of the top two rating categories of 28
	59	+	any nationally recognized rating service or of any rating service 29
	60	+	recognized by the Banking Commissioner, and applicable to such 30
	61	+	obligations, (E) in any fund in which a trustee may invest pursuant to 31
	62	+	section 36a-353, (F) investment agreements with financial institutions 32
	63	+	whose long-term obligations are rated in the top two rating categories 33
	64	+	of any nationally recognized rating service or of any rating service 34
	65	+	recognized by the Banking Commissioner or whose short -term 35
	66	+	obligations are rated in the top rating category of any nationally 36
	67	+	recognized rating service or of any rating service recognized by the 37
	68	+	Banking Commissioner, or (G) investment agreements fully secured by 38
	69	+	obligations of, or guaranteed by, the United States or agencies or 39
	70	+	instrumentalities of the United States. 40
	71	+	Sec. 2. Section 3-13c of the general statutes is repealed and the 41
	72	+	following is substituted in lieu thereof (Effective from passage): 42
	73	+	Trust funds as used in sections 3-13 to 3-13e, inclusive, and 3-31b shall 43
	74	+	be construed to include Connecticut Municipal Employees' Retirement 44
	75	+	Fund A, Connecticut Municipal Employees' Retirement Fund B, 45
	76	+	Soldiers, Sailors and Marines Fund, Family and Medical Leave 46
	77	+	Insurance Trust Fund, State's Attorneys' Retirement Fund, Teachers' 47
	78	+	Annuity Fund, Teachers' Pension Fund, Teachers' Survivorship and 48
	79	+	Dependency Fund, School Fund, State Employees Retirement Fund, the 49 Raised Bill No. 971
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82		-	Fund, any Climate Change and Coastal Resiliency Reserve Fund created 52
83		-	pursuant to section 7-159d, as amended by this act, that is administered, 53
84		-	held or invested by the State Treasurer and all other trust funds 54
85		-	administered, held or invested by the State Treasurer. 55
	83	+	LCO No. 4121 3 of 3
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	85	+	Hospital Insurance Fund, Policemen and Firemen Survivor's Benefit 50
	86	+	Fund, any Climate Change and Coastal Resiliency Reserve Fund created 51
	87	+	pursuant to section 7-159d, as amended by this act, and all other trust 52
	88	+	funds administered, held or invested by the State Treasurer. 53
86	89		This act shall take effect as follows and shall amend the following
87	90		sections:
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89	92		Section 1 from passage 7-159d(c)
90	93		Sec. 2 from passage 3-13c
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92		-	PD Joint Favorable Subst.
	95	+	Statement of Purpose:
	96	+	To allow for moneys held in Climate Change and Coastal Resiliency
	97	+	Reserve Funds created by municipalities to be invested in trust funds
	98	+	administered, held or invested by the treasurer.
	99	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	100	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	101	+	underlined.]
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