This bill amends section 72-1240 of the Reissue Revised Statutes of Nebraska, which pertains to the appointment and removal of the state investment officer. The bill specifies that the state investment officer is appointed by the council with the approval of the Governor and a majority of the Legislature. It also outlines the qualifications required for the position, including a minimum of five years of experience in managing investment portfolios and a salary of no less than twenty-five thousand dollars per year.

A significant change introduced by this bill is the modification of the removal process for the state investment officer. Previously, the officer could only be removed "for cause" by the council; however, the new language allows for removal by either the council or the Governor, thereby broadening the authority for dismissal. Additionally, the bill includes a provision to repeal the original section of the law, effectively updating the legal framework governing the state investment officer's role.

Statutes affected:
Introduced: 72-1240