Senate Bill 2930

AN ACT TO AMEND CHAPTER 953, LOCAL AND PRIVATE LAWS OF 2012, TO INCLUDE CAPITAL GAINS WITHIN THE DEFINITION OF "INCOME" FOR PURPOSES OF THE LAFAYETTE COUNTY RESERVE AND TRUST FUND; TO MAKE IT CLEAR THAT THE BOARD OF SUPERVISORS OF LAFAYETTE COUNTY IS NOT REQUIRED TO APPOINT AN ADVISORY COMMITTEE FOR THE TRUST FUND; TO PROVIDE THAT THE BOARD OF TRUSTEES OF THE LAFAYETTE COUNTY RESERVE AND TRUST FUND SHALL MEET AT LEAST ONCE PER YEAR; TO MAKE IT CLEAR THAT THE MEETINGS OF THE BOARD OF TRUSTEES OF THE TRUST FUND ARE GOVERNED BY THE OPEN MEETINGS LAW; TO MAKE IT CLEAR THAT THE THAT THE LAFAYETTE COUNTY RESERVE AND TRUST FUND IS A POLITICAL SUBDIVISION FOR PURPOSES OF THE TORT CLAIMS LAW; TO AUTHORIZE THE BOARD OF TRUSTEES OF THE TRUST FUND TO DELEGATE INVESTMENT AUTHORITY TO INVESTMENT ADVISORS; TO PROVIDE THAT EVERY FISCAL YEAR AFTER THE FUND IS ESTABLISHED THE EARNING COMPONENT SHALL BE CONSIDERED AN AMOUNT EQUAL TO 3% OF THE AMOUNT OF THE FULL FUND BALANCE CALCULATED AT THE END OF EACH FISCAL YEAR, WHETHER OR NOT THE CORPUS COMPONENT HAS GENERATED ANY INCOME IN THAT FISCAL YEAR AND TO PROVIDE THAT ALL REMAINING PORTIONS OF THE ANNUAL INCOME EARNED FROM THE INVESTMENT OF THE FUND SHALL REMAIN IN THE FUND AS A PART OF THE CORPUS COMPONENT; TO PROVIDE THAT THE BOARD OF TRUSTEES MAY EXPEND FROM THE CORPUS COMPONENT AMOUNTS REQUIRED TO PAY THE AMOUNTS REQUIRED IN CONNECTION WITH THE MANAGEMENT BY THE TRUSTEES OF THE FUND IF THE EARNINGS COMPONENT IS INSUFFICIENT TO PAY THE AMOUNTS REQUIRED IN CONNECTION WITH THE MANAGEMENT BY THE TRUSTEES OF THE FUND; TO REVISE THE AMOUNT OF THE TRUST FUND THAT MAY BE TRANSFERRED TO THE COUNTY FOR SPECIAL PROJECTS; TO PROVIDE THAT THERE SHALL BE NO DISTRIBUTION OF THE EARNINGS COMPONENT IF THE FULL FUND BALANCE OF THE TRUST FUND FALLS BELOW AN AMOUNT EQUAL TO THE INITIAL DEPOSIT TO THE TRUST FUND; AND FOR RELATED PURPOSES.

In the Senate

• Gray Tollison

  Sponsor

• House of Representatives committee amendmentAdopted

  Adopted Apr 1

l9n doesn't hold this bill's text yet.

In the Senate Mar 27 – Mar 29

1. Mar 27Referred to the Senate committee on Local and Private
2. Mar 28Reported from committee in the Senate: title sufficient, do pass
3. Mar 29Passed the Senate

In the House of Representatives Mar 30 – Apr 1

1. Mar 30Sent to the House
2. Referred to the House committee on Local and Private Legislation
3. Mar 31Reported from committee in the House: title sufficient, do pass as amended
4. Apr 1Amended in the House
5. Passed the House as amended

Back in the Senate Apr 1 – Apr 5

1. Apr 1Released in the House to be sent on at once
2. Returned to the Senate to concur in the House's amendments
3. Apr 2Concurred in the Senate in the House's amendments
4. Apr 5Enrolled bill signed in the Senate

To the Governor Apr 8 – Apr 24

1. Apr 8Enrolled bill signed in the House
2. Apr 24Approved by the Governor