HR1755: HR1755 House Study Committee on Alternative Investments for Local Governments; create

26 LC 62 0487 House Resolution 1755 By: Representatives Anderson of the 10 th, Williamson of the 112 th, Chastain of the 7 th, Cannon of the 172nd, and Williams of the 148th A RESOLUTION Creating the House Study Committee on Alternative Investments f or Local Governments;1 and for other purposes.2 WHEREAS, the public interest is served by maximum and prudent investment of idle public3 funds so that the need for taxes and other public revenues is decreased commensurately with4 the earnings on such investments; and5 WHEREAS, securing maximum public benefit from the deposit and i nvestment of public6 funds may be achieved through a variety of sources; and7 WHEREAS, maximum public benefit is best obtained through improved money management8 and currently is being achieved through traditional local government investments, including,9 but not limited to, obligations of this state, obligations issu ed by the United States10 government, and obligations fully insured or guaranteed by the United States government or11 a United States government agency; and12 WHEREAS, the primary requirements of an investment in order to be considered by a local13 government are safety and liquidity; and14 H. R. 1755 - 1 - 26 LC 62 0487 WHEREAS, Code Section 36-83-8 of the Official Code of Georgia A nnotated, relating to15 local government investment pools, permits any pooled investment fund, in addition to the16 local government investment pool, to be created for the collective investment of two or more17 local governments for investment purposes; and18 WHEREAS, since the creation of local government investment pool s, new, alternative19 investments have appeared that can secure maximum public benefit while maintaining safety20 and liquidity; and21 WHEREAS, such alternative investments should be identified for use in local investment22 pools.23 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES:24 (1) Creation of House study committee. There is created the House Study Committee 25 on Alternative Investments for Local Governments.26 (2) Members and officers. The committee shall be composed of seven members of the27 House of Representatives to be appointed by the Speaker of the House of28 Representatives. The Speaker shall designate a member of the committee as chairperson29 of the committee.30 (3) Powers and duties. The committee shall undertake a study of the conditions, needs,31 issues, and problems mentioned above or related thereto and recommend any action or32 legislation which the committee deems necessary or appropriate.33 (4) Meetings. The chairperson shall call all meetings of the committee. The committee34 may conduct such meetings at such places and at such times as it may deem necessary or35 convenient to enable it to exercise fully and effectively its powers, perform its duties, and36 accomplish the objectives and purposes of this resolution. 37 H. R. 1755 - 2 - 26 LC 62 0487 (5) Allowances and funding. The legislative members of the committee shall receive38 the allowances provided for in Code Section 28-1-8 of the Offic ial Code of Georgia39 Annotated. The allowances authorized by this resolution shall not be received by any40 member of the committee for more than five days unless additional days are authorized. 41 Funds necessary to carry out the provisions of this resolution shall come from funds42 appropriated to the House of Representatives.43 (6) Report.44 (A) In the event the committee adopts any specific findings or recommendations that45 include suggestions for proposed legislation, the chairperson shall file a report of the46 same prior to the date of abolishment specified in this resolut ion, subject to47 subparagraph (C) of this paragraph.48 (B) In the event the committee adopts a report that does not i nclude suggestions for49 proposed legislation, the chairperson shall file the report subject to subparagraph (C)50 of this paragraph.51 (C) No report shall be filed unless the same has been approved prior to the date of52 abolishment specified in this resolution by majority vote of a quorum of the committee.53 A report so approved shall be signed by the chairperson of the committee and filed with54 the Clerk of the House of Representatives.55 (D) In the absence of an approved report, the chairperson may file with the Clerk of the56 House of Representatives a copy of the minutes of the meetings of the committee in lieu57 thereof.58 (7) Abolishment. The committee shall stand abolished on December 1, 2026.59 H. R. 1755 - 3 -