This bill amends the operation of the public deposit investment pool by requiring the state treasurer and the public deposit investment pool advisory committee to evaluate investment advisors through a competitive bidding process. Specifically, it replaces the previous requirement to simply "choose an investment advisor" with a more rigorous process that involves requesting proposals and reviewing them based on criteria established by the state treasurer and the advisory committee. Additionally, any contract with an investment advisor must now be submitted to the governor and executive council for final approval.

Furthermore, the bill expands the membership of the public deposit investment pool advisory committee by mandating the appointment of one member from the Municipal Managers Association of New Hampshire. This change aims to enhance the representation and expertise within the committee, ensuring that municipal perspectives are considered in the management of public deposits. The bill is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 6:47
As Amended by the Senate: 6:45, 6:47
Version adopted by both bodies: 6:45, 6:47