This bill establishes a local government equity investment pool in Wyoming, allowing local governments to collectively invest their funds in equities, including corporate stocks. It creates a joint powers board to oversee the pool and an investment advisory committee to provide guidance on investment policies and procedures. The board will consist of members from participating local governments, who will serve terms determined by those governments. The bill outlines the responsibilities of the board, including administering the pool, establishing fees, and ensuring compliance with investment guidelines. It also sets limits on the amount each local government can invest and requires regular reporting on investment performance.
Additionally, the bill specifies qualifications for members of the investment advisory committee, which must include significant investment experience and a clean legal record. The committee will be responsible for developing and reviewing investment policies to maximize returns while maintaining safety and liquidity. The act is set to take effect on July 1, 2025.