This bill proposes to amend current statutes regarding the investment authority of the State Treasurer. Under the existing law, the State Treasurer is responsible for investing state trust and treasury monies in various permitted investments. The bill introduces a new provision that allows the State Treasurer to invest up to 10 percent of these funds in physical gold or silver bullion, provided that the bullion is stored in a U.S. commercial depository that meets specific industry standards for security and auditing.

In addition to this new investment option, the bill makes several technical changes to the existing statute, including the renumbering of certain subsections and the removal of outdated references. Specifically, it deletes references to state transportation board funding obligations and program funding obligations, while inserting the new provision for bullion investments as a permissible option for the State Treasurer. Overall, the bill aims to modernize the investment strategies available to the State Treasurer by incorporating precious metals into the portfolio.

Statutes affected:
Senate Engrossed Version: 35-313