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 held in a U.S. commercial depository that meets specific security and storage standards. This addition is marked as 16. Physical gold or silver bullion if the amount invested is valued at not more than ten percent of the total trust or treasury monies measured at cost and the gold and silver BULLION is held in a COMMERCIAL depository for precious metals that is located within the United states and that meets current industry standards for secure storage, insurance, independent audits and physical segregation from other holdings.. The bill also includes several technical changes, such as the deletion of outdated references and the renumbering of existing provisions. For instance, it removes references to state transportation board funding obligations and program funding obligations, which are no longer relevant. These deletions are indicated as 13. Subject to subsection D of this section, state transportation board funding obligations delivered pursuant to section 28-7678. and 15. respectively. Overall, if enacted, the bill would modernize the investment options available to the State Treasurer, allowing for a new asset class while streamlining existing statutory language.

Statutes affected:
Senate Engrossed Version: 35-313