Investment Performance Authority

     The bill creates a special purpose authority (investment performance authority) that is authorized to invest certain public money from certain special funds, enterprise funds, and funds held by other special purpose authorities. State and other governmental entities (eligible entities) may choose to have the investment performance authority invest their money instead of the state treasurer or other authorized investor, under certain conditions.

     The investment performance authority is governed by a board of directors made up of the following 7 members:

• The state treasurer or the state treasurer's designee, who serves as chair of the board;
• The director of the office of state planning and budgeting or the director's designee;
• An individual with professional experience in managing federal, state, or local government money or managing the money of an institution of higher education or other endowment fund, appointed by the governor;
• 2 individuals with professional experience in investment consulting or investment management, with one individual appointed by the speaker of the house of representatives and one individual appointed by the majority leader of the senate;
• An individual employed in the child care field, appointed by the minority leader of the senate; and
• An individual working with a child care advocacy organization, appointed by the minority leader of the house of representatives.

The investment performance authority uses the earnings from the investment of eligible entities' money:

• To quarterly disburse to eligible entities on a pro rata basis;
• To pay the reasonable administrative costs and expenses of the investment performance authority;
• To create a reserve; and
• To disburse to counties for child care assistance to families with low incomes according to a formula established in coordination with the child care assistance program allocation committee and the department of early childhood.
  
  (Note: This summary applies to this bill as introduced.)