YES:
MR. SPEAKER:
Your Committee on Labor and Employment , to which was referred Senate Bill
410 , has had the same under consideration and begs leave to report the same back to the
House with the recommendation that said bill be amended as follows:
Delete the title and insert the following:
A BILL FOR AN ACT to amend the Indiana Code concerning state
and local administration.
other persons or entities. This authority includes, but is not limited to,
the power to invest in commingled or pooled funds, partnerships, or
mortgage pools. In the event of any such investment, the board shall
keep separate detailed records of the assets invested. Any decision to
commingle or pool assets is subject to the limitations and restrictions
set forth in
IC 5-10.3-5-3
and
IC 21-6.1-3-9.
invested in privately held equity or debt assets of a high growth
company.
(c) If the board decides to allocate part of the fund assets to
venture capital, the board shall adopt the following goals for its
venture capital investments:
(1) The board's goal for investment in Indiana based high
growth companies is at least twenty-five percent (25%) of the
amount allocated to venture capital.
(2) The board's goal for investment in Indiana based or
Indiana focused venture capital funds is at least twenty-five
percent (25%) of the amount allocated to venture capital.
(3) The board's goal is to give preference to venture capital
investments that could benefit high growth companies that
are started in or with assistance from Indiana universities and
colleges.
(d) The board has five (5) years after the date the goals in
subsection (c) are adopted to achieve the goal percentages.
(e) A venture capital investment counts toward achieving the
target percentage for all goals in which the investment qualifies.
(f) The board is not required to achieve the goal percentages
under subsection (c) if the board exercising financial and fiduciary
prudence determines that sufficient appropriate venture capital
investments are not available in Indiana.
(g) This section expires July 1, 2013.
in a prudent manner with regard to the purchase of goods and services.
Contracts for the management of investment property shall be
submitted to the governor, the attorney general, and the budget agency
for approval. A contract for management of real property as an
investment:
(1) may not exceed a four (4) year term and must be based upon
guidelines established by the board;
(2) may provide that the property manager may collect rent and
make disbursements for routine operating expenses such as
utilities, cleaning, maintenance, and minor tenant finish needs;
(3) must establish, consistent with the board's duty under
IC 30-4-3-3
(c), guidelines for the prudent management of
expenditures related to routine operation and capital
improvements; and
(4) may provide specific guidelines for the board to purchase new
properties, contract for the construction or repair of properties,
and lease or sell properties without individual transactions
requiring the approval of the governor, the attorney general, the
Indiana department of administration, and the budget agency.
However, each individual contract involving the purchase or sale
of real property is subject to review and approval by the attorney
general at the specific request of the attorney general.
(d) Whenever the board takes bids in managing or selling real
property, the board shall require a bid submitted by a trust (as defined
in
IC 30-4-1-1
(a)) to identify all of the following:
(1) Each beneficiary of the trust.
(2) Each settlor empowered to revoke or modify the trust.
and
(2) contract for and employ investment counsel to advise and
assist in the purchase and sale of securities.
(c) The board is not subject to IC 4-13, IC 4-13.6, or IC 5-16 when
managing real property as an investment. Any management agreements
entered into by the board must ensure that the management agent acts
in a prudent manner with regard to the purchase of goods and services.
Contracts for the management of investment property shall be
submitted to the governor, the attorney general, and the budget agency
for approval. A contract for the management of real property as an
investment:
(1) may not exceed a four (4) year term and must be based upon
guidelines established by the board;
(2) may provide that the property manager may collect rent and
make disbursements for routine operating expenses such as
utilities, cleaning, maintenance, and minor tenant finish needs;
(3) shall establish, consistent with the board's duty under
IC 30-4-3-3
(c), guidelines for the prudent management of
expenditures related to routine operation and capital
improvements; and
(4) may provide specific guidelines for the board to purchase new
properties, contract for the construction or repair of properties,
and lease or sell properties without individual transactions
requiring the approval of the governor, the attorney general, the
Indiana department of administration, and the budget agency.
However, each individual contract involving the purchase or sale
of real property is subject to review and approval by the attorney
general at the specific request of the attorney general.
(d) Whenever the board takes bids in managing or selling real
property, the board shall require a bid submitted by a trust (as defined
in
IC 30-4-1-1
(a)) to identify all of the following:
(1) Each beneficiary of the trust.
(2) Each settlor empowered to revoke or modify the trust.
and when so amended that said bill do pass.