HB1172--SEMINARYFUNDOFTHESTATEUNIVERSITY
SPONSOR: Haley
COMMITTEEACTION:Voted"DoPass"bytheStandingCommitteeon
Pensionsbyavoteof12to0.
ThisbillmodifiesprovisionsoftheUniversityofMissouri
SeminaryFund.ThebillallowstheUniversitytoestablisha
separatecustodialaccountwiththeinterestfromsuchinvestment
tobeusedformaintenanceoftheUniversity,it'sCollegeof
Agriculture,andtheUniversityofMissouri-Rollacampus.
ThebillrequirestheUniversitytoprovidereceiptsand
expendituresfromthecustodialaccounttotheStateTreasurer
annually.
PROPONENTS: Supporterssaythatthecurrentstatutoryframework
andoperationalprocessforinvestingandwithdrawingfundsis
complicatedandtime-consumingandthebillseekstosimplifythe
process. Theconstitutionsetsouthowthefundsareinvestedand
theSeminaryFunddistributestheearningsonanannualbasis.The
universityneedstotakecustodyoftheSeminaryFundandprovide
anaccountingreporttotheStateTreasurer'sOffice.
TestifyinginpersonforthebillwereRepresentative Haley;Sarah
Anderson,UniversityofMissouri;and;ArnieC.Dienoff.
OPPONENTS: Therewasnooppositionvoicedtothecommittee.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonyandwitnessestestifyingonlinecanbefound
underTestimonyonthebillpageontheHousewebsite.