SB 1039 Allows certain municipal hospitals to invest 25% of their funds in investment funds
Sponsor: Silvey
LR Number: 6345S.02I Fiscal Notes
Committee: Veterans' Affairs and Health
Last Action: 2/22/2016 - Second Read and Referred S Veterans' Affairs and Health Committee Journal Page: S364
Title: Calendar Position:
Effective Date: August 28, 2016

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Current Bill Summary

SB 1039 - This act allows the board of trustees of any authorized municipal hospital to invest up to 25% of the hospital's funds not required for immediate disbursement in any U.S. investment grade fixed income funds or diversified stock funds, or both. The provisions of this act shall only apply if the hospital: (1) receives less than 1% of its annual revenue from municipal, county, or state taxes and (2) receives less than 1% of its annual revenue from appropriated funds from the municipality in which such hospital is located.

This act is identical to a provision in CCS/HCS/SB 635 (2016) and CCS/SB 988 (2016).