HB 1407 IN

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Became Law

Authorizes a nonprofit foundation (foundation) established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all available quarterly market values since the date the foundation was established. Amends provisions that apply to a foundation that is established to hold proceeds from the sale of a county hospital as follows: (1) Specifies that the county may transfer excess money it receives from the foundation's annual spend rate back into the foundation. (2) Provides that if the annual investment income earned on the principal of the foundation exceeds 5% in a calendar year, that amount is added to and considered a part of the principal of the foundation. (3) Requires the board of the foundation to establish one or more separate accounts in which the principal and income of the foundation shall be held and that are subject to the same requirements in current law for accessing the principal and income.

• Karen Engleman Republican · author
• Ronald Grooms · sponsor
• Ed Charbonneau Republican · sponsor
• Karen Tallian · sponsor

1. Jan 14, 2021 Coauthored by Representative Clere · lower
2. Jan 14, 2021 Authored by Representative Engleman · lower
3. Jan 14, 2021 First reading: referred to Committee on Local Government · lower
4. Feb 11, 2021 Committee report: amend do pass, adopted · lower
5. Feb 15, 2021 Second reading: ordered engrossed · lower
6. Feb 17, 2021 Third reading: passed; Roll Call 149: yeas 95, nays 0 · lower
7. Feb 17, 2021 Senate sponsors: Senators Grooms, Charbonneau, Tallian · lower
8. Feb 18, 2021 Referred to the Senate · lower
9. Mar 2, 2021 First reading: referred to Committee on Local Government · upper
10. Mar 15, 2021 Committee report: do pass, adopted · upper
11. Mar 18, 2021 Second reading: ordered engrossed · upper
12. Mar 22, 2021 Third reading: passed; Roll Call 246: yeas 47, nays 0 · upper
13. Mar 23, 2021 Returned to the House without amendments · upper
14. Mar 29, 2021 Signed by the Speaker · lower
15. Apr 1, 2021 Signed by the President Pro Tempore · upper
16. Apr 7, 2021 Signed by the President of the Senate · upper
17. Apr 8, 2021 Public Law 40 · lower
18. Apr 8, 2021 Signed by the Governor · executive

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Enrolled House Bill (H) · Mar 24, 2021 · PDF
• Introduced House Bill (H) · Jan 12, 2021 · PDF
• House Bill (H) · Feb 11, 2021 · PDF
• House Bill (S) · Mar 15, 2021 · PDF