Substitute Senate Bill No. 995
Substitute Senate Bill No. 995
PUBLIC ACT NO. 97-212
AN ACT CONCERNING THE PAYMENT OF MANAGER FEES FOR
THE CONNECTICUT RETIREMENT AND TRUST FUNDS, THE
CREATION OF A MID-TERM INVESTMENT FUND AND THE
NOTICE TO OWNERS OF UNCLAIMED PROPERTY.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. Section 3-25 of the general
statutes, as amended by section 1 of public act
96-61, is repealed and the following is
substituted in lieu thereof:
(a) Except as provided in [subsection (b)]
SUBSECTIONS (b) and (c), the Treasurer shall pay
out the public moneys only upon the order of the
General Assembly, of the Senate, of the House of
Representatives, of the several courts when
legally authorized or of the Comptroller for
accounts legally adjusted by him or when he is
authorized to order for the payment of money from
the Treasury. He shall pay no warrant or order for
the disbursement of public money until the same
has been registered in the office of the
Comptroller. The Comptroller shall not issue any
warrant, draft or order except upon (1) an
adequate expenditure voucher which shall be
retained in his office for the period provided by
law, (2) certification by an expending agency
which retains an adequate expenditure voucher in
accordance with such procedures as the Comptroller
may prescribe, or (3) upon certification by the
chief executive officer of a constituent unit of
the state system of higher education provided in
the case of the Connecticut State University
system, the certification may be made by the chief
executive officer of a state university, as
provided in subsection (b) of section 3-117.
(b) Subject to the approval of the Comptroller
and in accordance with such procedures as he may
specify, the chief executive officer of a
constituent unit of the state system of higher
education or, in the case of the Connecticut State
University system, the chief executive officer of
a state university, may make payment of any claim
against the constituent unit or institution, as
appropriate, other than a payment for payroll,
debt service payable on state bonds to
bondholders, paying agents or trustees, or any
payment the source of which includes the proceeds
of a state bond issue. Upon receipt of a request
to make such payment, the Treasurer shall delegate
such authority to such chief executive officer and
shall approve such banking arrangements as are
necessary for such unit or institution to make
such payments. Payments for payroll, debt services
payable on state bonds to bondholders, paying
agents or trustees, or payments from the proceeds
of state bonds shall be made solely by the
Treasurer in accordance with the provisions of
subsection (a) of this section.
(c) THE STATE TREASURER MAY AUTHORIZE THE
ASSISTANT TREASURER FOR INVESTMENTS, OR ANY
SUCCESSOR THEREFOR WITH THE APPROVAL OF THE
COMPTROLLER AND IN ACCORDANCE WITH THE PROCEDURE
PRESCRIBED BY THE COMPTROLLER, TO CERTIFY TO THE
COMPTROLLER THAT THE SERVICES FOR WHICH CLAIMS
AGAINST THE CONNECTICUT RETIREMENT AND TRUST FUNDS
ARE MADE HAVE BEEN PROPERLY RECEIVED OR PERFORMED
OR, IF NOT YET RECEIVED OR PERFORMED, ARE COVERED
(1) BY CONTRACTS PROPERLY DRAWN AND EXECUTED OR
(2) UNDER PROCEDURES APPROVED BY SAID ASSISTANT
TREASURER FOR INVESTMENTS, AND THAT SUCH CLAIMS
ARE SUPPORTED BY VOUCHERS OR RECEIPTS FOR THE
PAYMENT OF ANY MONEY EXCEEDING TWENTY-FIVE DOLLARS
AT ONE TIME, AND BY AN ACCURATE ACCOUNT, SHOWING
THE ITEMS OF SUCH CLAIMS, AND A DETAILED ACCOUNT
OF EXPENSES, WHEN EXPENSES CONSTITUTE A PORTION OF
THEM, SPECIFYING THE PURPOSE FOR WHICH THEY WERE
INCURRED; AND THE ORIGINAL VOUCHERS OR RECEIPTS
SHALL BE FILED WITH THE ASSISTANT TREASURER FOR
INVESTMENTS, OR ANY SUCCESSOR THEREFOR, AS SUPPORT
FOR THE DIRECT DISBURSEMENT OF FUNDS FROM INCOME
DERIVED FROM THE TRUST FUNDS. COPIES OF SUCH
DOCUMENTATION SHALL BE PROVIDED TO THE COMPTROLLER
UPON REQUEST.
Sec. 2. Section 3-37 of the general statutes
is repealed and the following is substituted in
lieu thereof:
(a) The Treasurer shall, annually, on or
before October fifteenth, submit a FINAL AUDITED
report to the Governor AND A COPY OF SUCH REPORT
TO THE INVESTMENT ADVISORY COUNCIL, which shall
include [a complete statement of the receipts and
a summary of the disbursements of the state during
the fiscal year preceding and of the condition of
the State Treasury on a cash basis at the close of
the fiscal year. It shall contain a statement of
all transactions consummated by him affecting the
funds belonging to or held in trust by the state,
including new investments or any portion of the
same made during the fiscal year preceding, a
statement concerning the revenue and expenditures
of the School and Agricultural College Funds and a
statement of the unpaid interest due on loans from
said funds for one month or more and the period of
time for which the same remains unpaid. The
Treasurer shall also include the estimated value,
at the close of the fiscal year, as determined by
the Investment Advisory Council of all security
investments owned by the state and may include
such other information as he deems of interest to
the public] THE FOLLOWING INFORMATION CONCERNING
THE ACTIVITIES OF THE OFFICE OF THE STATE
TREASURER FOR THE IMMEDIATELY PRECEDING FISCAL
YEAR ENDING JUNE THIRTIETH: (1) COMPLETE FINANCIAL
STATEMENTS AND ACCOMPANYING FOOTNOTES FOR THE
COMBINED INVESTMENT FUNDS PREPARED IN ACCORDANCE
WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES,
WHICH FINANCIAL STATEMENTS SHALL BE AUDITED IN
ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
STANDARDS AND SUPPLEMENTARY SCHEDULES DEPICTING
THE INTERESTS OF THE COMPONENT RETIREMENT PLANS
AND TRUST FUNDS; (2) COMPLETE FINANCIAL STATEMENTS
AND ACCOMPANYING FOOTNOTES FOR THE SHORT-TERM
INVESTMENT FUND PREPARED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND
SUPPLEMENTARY SCHEDULES LISTING ALL ASSETS HELD BY
THE SHORT-TERM INVESTMENT FUND; (3) A DISCUSSION
AND REVIEW OF THE PERFORMANCE OF THE COMBINED
INVESTMENT FUNDS AND SHORT-TERM INVESTMENT FUND
FOR SUCH FISCAL YEAR IN ACCORDANCE WITH RECOGNIZED
AND APPROPRIATE PERFORMANCE PRESENTATION AND
DISCLOSURE, INCLUDING AN ANALYSIS OF THE RETURN
EARNED BY THE PORTFOLIO AND EACH COMBINED
INVESTMENT FUND AS WELL AS THE RISK PROFILE OF THE
PORTFOLIO AND EACH COMBINED INVESTMENT FUND
ACCORDING TO INVESTMENT INDUSTRY STANDARDS; (4)
THE ACTIVITIES AND TRANSACTIONS IN SUCH REASONABLE
DETAIL AS IS APPROPRIATE OF THE CASH MANAGEMENT
DIVISION INCLUDING INFORMATION ON THE STATE'S CASH
RECEIPTS AND DISBURSEMENTS FOR THE FISCAL YEAR,
AND THE DEBT MANAGEMENT DIVISION INCLUDING THE
FINANCIAL STATEMENTS OF THE TAX-EXEMPT PROCEEDS
FUND PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES; (5) FINANCIAL
STATEMENTS AND ACCOMPANYING FOOTNOTES AS WELL AS A
SUMMARY OF OPERATING RESULTS FOR THE SECOND INJURY
FUND FOR SUCH FISCAL YEAR; (6) A FINANCIAL SUMMARY
AND REPORT ON THE ACTIVITIES OF THE STATE'S
UNCLAIMED PROPERTY PROGRAM FOR SUCH FISCAL YEAR;
AND (7) SUCH OTHER INFORMATION AS THE TREASURER
DEEMS OF INTEREST TO THE PUBLIC.
(b) THE REPORT SHALL BE MADE AVAILABLE TO THE
PUBLIC IN HARD COPY AND ACCESSIBLE ELECTRONICALLY
BY MEANS OF THE INTERNET OR OTHER MEDIA OR SYSTEMS
AVAILABLE TO THE PUBLIC.
Sec. 3. (NEW) (a) There is created a
medium-term investment fund to be administered by
the State Treasurer. The State Treasurer may
purchase participation units of the fund for all
trusts and other funds for which the State
Treasurer is responsible for investing. The State
Treasurer may sell participation units in the
medium-term investment fund to all agencies,
authorities, instrumentalities and political
subdivisions of the state. Such participation
units are hereby made legal investments for all
agencies, authorities, instrumentalities and
political subdivisions of the state.
(b) All costs of operating the medium-term
investment fund, including the cost of personnel
and contractual services, shall be paid from
interest earnings of the fund.
(c) The State Treasurer is authorized to
invest and reinvest funds of the medium-term
investment fund in obligations of the United
States government and its agencies and
instrumentalities, certificates of deposit,
commercial paper, corporate debt securities,
savings accounts and bankers' acceptances,
repurchase agreements collateralized by such
securities, and investment funds or pools
comprised of securities in which the medium-term
investment fund may directly invest.
(d) The State Treasurer may adopt regulations
in accordance with chapter 54 of the general
statutes specifying the terms and conditions of
the purchase and sale of participation units, the
payment of interest, investment policies, and
accounting practices.
Sec. 4. Section 3-66a of the general statutes
is repealed and the following is substituted in
lieu thereof:
(a) [On July first each year, or as soon
thereafter as practicable] DURING THE 1998
CALENDAR YEAR AND EVERY SECOND YEAR THEREAFTER,
the STATE Treasurer shall cause notice to be
published of all property having a value of fifty
dollars or more reported and transferred to him
which was presumed abandoned during the preceding
TWO calendar [year] YEARS. Such notice shall be
published at least once in a newspaper having
general circulation in each county in which is
located the last-known address of each person
appearing to be the owner of such property. [If no
address is listed, or if the address is not within
this state, notice shall be published in a county
in which the holder has his principal place of
business] IN ADDITION TO SUCH PUBLISHED NOTICE THE
STATE TREASURER MAY MAKE SUCH NOTICE ACCESSIBLE TO
THE PUBLIC ELECTRONICALLY BY MEANS OF THE
INTERNET'S WORLD WIDE WEB OR THROUGH ADDITIONAL
TELECOMMUNICATIONS METHODS AS THE STATE TREASURER
DEEMS COST EFFECTIVE AND APPROPRIATE.
(b) Such PUBLISHED notice [shall be entitled
"Notice of Names of Persons Appearing to Own
Abandoned Property" and it] shall contain: (1) The
names, in alphabetical order, and the last-known
addresses, if any, of all persons reported as the
apparent owners of unclaimed property and (2) a
statement that any person possessing an interest
in such property may obtain from the Treasurer
information concerning the amount and description
of such property and the name and address of the
holder thereof FREE OF CHARGE. THE STATE TREASURER
MAY CAUSE TO BE PUBLISHED AT ANY TIME, IN THE
MANNER PRESCRIBED IN SUBSECTION (a) OF THIS
SECTION, AN ADDITIONAL NOTICE STATING THAT SUCH
LIST MAY BE OBTAINED FROM OTHER SPECIFIED SOURCES.
(c) The STATE Treasurer may insert in any such
notice such additional information as he deems
necessary for the proper administration of this
part.
(d) The provisions of this section shall not
apply to items reported in the aggregate pursuant
to subsection (h) of section 3-65a.
Sec. 5. This act shall take effect from its
passage.
Approved June 24, 1997