SB 282--Am. by HCW
[As Amended by House Committee of the
As Amended by Senate Committee
Session of 1997
SENATE BILL No. 282
By Committee on Financial Institutions and
12 AN ACT concerning the pooled money investment board; relating to the
13 membership thereof; amending K.S.A. 1996 Supp. 75-4221a and re-
14 pealing the existing section.
16 Be it enacted by the Legislature of the State of Kansas:
17 Section 1. K.S.A. 1996 Supp. 75-4221a is hereby amended to read
18 as follows: 75-4221a. (a) There is hereby established the pooled money
19 investment board which shall consist of
six five members, four of whom
20 shall be appointed by the governor, subject to confirmation by the senate
21 as provided in K.S.A. 75-4315b and amendments thereto. Except as pro-
22 vided by K.S.A. 1996 Supp. 46-2601, and amendments thereto, no person
23 appointed to the board, whose appointment is subject to confirmation,
24 shall exercise any power, duty or function as a member of the board until
25 confirmed by the senate. The fifth member shall be the state treasurer.
26 The sixth member shall be the securities commissioner who shall serve
27 as a nonvoting member. Not more than three voting members of the
28 board shall be of the same political party. All members appointed to the
29 board shall have at least 10 years of direct work experience in the areas
30 of finance, accounting or management of investments or shall have at
31 least a baccalaureate degree from an accredited college or university and
32 at least five years of direct work experience in the areas of finance, ac-
33 counting or management of investments. Except as provided by subsec-
34 tion (b), members appointed by the governor shall serve for a term of
35 four years and until successors are appointed and confirmed. The gov-
36 ernor shall select one of the board members to serve as chairperson.
37 (b) (1) On July 1, 1992, the two appointive board members serving
38 on the board immediately prior to such date shall cease to be members
39 of the board and on such date, or as soon thereafter as possible, the
40 governor shall appoint four members to the board to serve for terms as
41 specified by this subsection. The two appointive members serving on the
42 board immediately prior to July 1, 1992, may be reappointed to the board
43 on or after such date under this subsection. Of the members first ap-
SB 282--Am. by HCW
1 pointed on or after July 1, 1992, two members shall be appointed for a
2 term commencing on July 1, 1992, and ending on June 30, 1994, and two
3 members shall be appointed for a term commencing on July 1, 1992, and
4 ending on June 30, 1996. The governor shall designate the term for each
5 member so appointed. Except as provided in paragraph 2 of this subsec-
6 tion, members appointed to the board shall serve for four-year terms and
7 until their successors are appointed and confirmed. Whenever a vacancy
8 occurs in the membership of the board prior to the expiration of a term
9 of office, the governor shall appoint a qualified successor to fill the unex-
10 pired term.
11 (2) The terms of members who are serving on the board on the ef-
12 fective date of this act shall expire on March 15, of the year in which such
13 member's term would have expired under the provisions of this section
14 prior to amendment by this act and by section 3 of chapter 194 of the
15 session laws of 1995. Thereafter members shall be appointed for terms
16 of four years and until their successors are appointed and confirmed.
17 (c) Members of the pooled money investment board attending meet-
18 ings of such board, or attending a subcommittee meeting thereof au-
19 thorized by such board, shall be paid compensation, subsistence allow-
20 ances, mileage and other expenses as provided in K.S.A. 75-3223 and
21 amendments thereto.
22 [(d) No member of the pooled money investment board, within
23 one year after termination of the member's position with the
24 board, shall accept employment with the pooled money investment
26 Sec. 2. K.S.A. 1996 Supp. 75-4221a is hereby repealed.
27 Sec. 3. This act shall take effect and be in force from and after its
28 publication in the statute book.