HCS/HJR 35 - This constitutional amendment, if approved by the voters, modifies the powers of the State Treasurer. Specifically, the State Treasurer is required to invest state moneys not needed for current expenses in Missouri banking institutions selected by the State Treasurer and approved by the Governor and State Auditor or in obligations of the United States government or any agency or instrumentality thereof maturing and becoming payable not more than seven years from the date of purchase.
The amendment additionally authorizes the State Treasurer to invest in:
· Municipal securities possessing one of the five highest long term ratings or the highest short term rating issued by a nationally recognized rating agency and maturing and becoming payable not more than five years from the date of purchase; and
· Other reasonable and prudent financial instruments and securities as otherwise provided by law.