Bill Text: OR SB16 | 2013 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Relating to terms of members of the Oregon Investment Council; and declaring an emergency.

Spectrum: Unknown

Status: (Passed) 2013-07-02 - Effective date, June 24, 2013. [SB16 Detail]

Download: Oregon-2013-SB16-Introduced.html

---

     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 392

                         Senate Bill 16

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of State Treasurer Ted
  Wheeler)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Deletes limitation on reappointment of members of Oregon
Investment Council. Applies to appointments made on or after
effective date of Act.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to terms of members of the Oregon Investment Council;
  creating new provisions; amending ORS 293.706; and declaring an
  emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 293.706 is amended to read:
  293.706. (1) There is created the Oregon Investment Council,
consisting of five voting members and one nonvoting member.
  (2) The Governor shall appoint four voting members, subject to
Senate confirmation in the manner provided in ORS 171.562 and
171.565. The members appointed by the Governor must be qualified
by training and experience in the field of investment or finance.
  (3) The Governor may appoint a member of the council under
subsection (2) of this section who is also a member of the Public
Employees Retirement Board appointed under ORS 238.640 (4).
Except as provided in this subsection, members appointed by the
Governor may not hold any other public office or public
employment.
  (4) The State Treasurer shall be a voting member.
  (5) The Director of the Public Employees Retirement System
shall be an ex officio member of the council with no voting
power.
  (6) The term of office of each appointed member of the council
is four years, but each appointed member serves at the pleasure
of the Governor. A vacancy in the appointed membership occurring
other than by expiration of term shall be filled in the same
manner as the original appointment, but for the unexpired term
only.
    { - (7) An appointed member may not be appointed to more than
two full terms in any 12-year period. - }

  SECTION 2.  { + The amendments to ORS 293.706 by section 1 of
this 2013 Act apply to appointments made to the Oregon Investment
Council on or after the effective date of this 2013 Act. + }
  SECTION 3.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
                         ----------