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96-61,   is  repealed   and   the   following   is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