House Bill 1508

AN ACT TO AMEND CHAPTER 910, LOCAL AND PRIVATE LAWS OF 2013, TO INCLUDE CAPITAL GAINS WITHIN THE DEFINITION OF "INCOME" FOR PURPOSES OF THE LOWNDES COUNTY RESERVE AND TRUST FUND; TO MAKE CLEAR THAT THE BOARD OF SUPERVISORS OF LOWNDES COUNTY IS NOT REQUIRED TO APPOINT AN ADVISORY COMMITTEE FOR THE TRUST FUND; TO PROVIDE THAT THE BOARD OF TRUSTEES OF THE LOWNDES COUNTY RESERVE AND TRUST FUND SHALL MEET AT LEAST ONCE PER YEAR; TO MAKE 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 LOWNDES 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 INCOME 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 INCOME 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 INCOME 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 House of Representatives

• Gary Chism

  Sponsor

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

In the House of Representatives Feb 17 – Mar 3

1. Feb 17Referred to the House committee on Local and Private Legislation
2. Feb 27Reported from committee in the House: title sufficient, do pass
3. Mar 3Passed the House

In the Senate Mar 3 – Mar 11

1. Mar 3Released in the House to be sent on at once
2. Sent to the Senate
3. Mar 6Referred to the Senate committee on Local and Private
4. Mar 10Reported from committee in the Senate: title sufficient, do pass
5. Mar 11Passed the Senate

To the Governor Mar 12 – Mar 24

1. Mar 12Returned to the House for enrolling
2. Mar 17Enrolled bill signed in the House
3. Enrolled bill signed in the Senate
4. Mar 24Approved by the Governor