KY HB527 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 7-0)
Status: Engrossed on March 2 2015 - 50% progression, died in committee
Action: 2015-03-03 - to State & Local Government (S)
Pending: Senate State & Local Government Committee
Text: Latest bill text (Draft #2) [MS Word]
Status: Engrossed on March 2 2015 - 50% progression, died in committee
Action: 2015-03-03 - to State & Local Government (S)
Pending: Senate State & Local Government Committee
Text: Latest bill text (Draft #2) [MS Word]
Summary
Amend KRS 66.480, relating to investments for local governments, to remove the 20% restriction from securities and to add to the permitted investments local governments may make mutual funds and exchange traded funds and funds investing in individual equities as long as no more than 5% of the portfolio is composed of individual equities at the time of purchase and high quality corporate bonds meeting the qualifications set out therein if the funds are managed by a professional investment advisor; provide that these two additional investment types cannot exceed 20% of the total amount of money invested by the local government; establish an investment limit of 5% of the total amount of money invested in any one issuer unless the issuer is the U.S. government or an agency thereof, or an entity whose obligations are guaranteed by the federal government.
Title
AN ACT relating to investments made by local governments.
Sponsors
| Rep. Russ Meyer [D] | Rep. Jody Richards [D] | Rep. Derrick Graham [D] | Rep. Cluster Howard [D] |
| Rep. Terry Mills [D] | Rep. Sannie Overly [D] | Rep. Rita Smart [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2015-03-03 | Senate | to State & Local Government (S) |
| 2015-03-02 | Senate | received in Senate |
| 2015-03-02 | House | 3rd reading, passed 93-0 |
| 2015-02-26 | House | posted for passage in the Regular Orders of the Day for Friday, February 27, 2015 |
| 2015-02-26 | House | reported favorably, 2nd reading, to Rules |
| 2015-02-25 | House | posting waived |
| 2015-02-25 | House | returned to Local Government (H) |
| 2015-02-25 | House | 1st reading |
| 2015-02-25 | House | taken from Local Government (H) |
| 2015-02-24 | House | to Local Government (H) |
| 2015-02-23 | House | introduced in House |
