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12  AN ACT concerning the pooled money investment board; relating to the
13    membership thereof; amending K.S.A. 1996 Supp. 75-4221a and re-
14    pealing the existing section.
15
16  Be it enacted by the Legislature of the State of Kansas:
17    Section 1.  K.S.A. 1996 Supp. 75-4221a is hereby amended to read
18  as follows: 75-4221a. (a) There is hereby established the pooled money
19  investment board which shall consist of six five members, four of whom
20  shall be appointed by the governor, subject to confirmation by the senate
21  as provided in K.S.A. 75-4315b and amendments thereto. Except as pro-
22  vided by K.S.A. 1996 Supp. 46-2601, and amendments thereto, no person
23  appointed to the board, whose appointment is subject to confirmation,
24  shall exercise any power, duty or function as a member of the board until
25  confirmed by the senate. The fifth member shall be the state treasurer.
26  The sixth member shall be the securities commissioner who shall serve
27  as a nonvoting member. Not more than three voting members of the
28  board shall be of the same political party. All members appointed to the
29  board shall have at least 10 years of direct work experience in the areas
30  of finance, accounting or management of investments or shall have at
31  least a baccalaureate degree from an accredited college or university and
32  at least five years of direct work experience in the areas of finance, ac-
33  counting or management of investments. Except as provided by subsec-
34  tion (b), members appointed by the governor shall serve for a term of
35  four years and until successors are appointed and confirmed. The gov-
36  ernor shall select one of the board members to serve as chairperson.
37    (b) (1)  On July 1, 1992, the two appointive board members serving
38  on the board immediately prior to such date shall cease to be members
39  of the board and on such date, or as soon thereafter as possible, the
40  governor shall appoint four members to the board to serve for terms as
41  specified by this subsection. The two appointive members serving on the
42  board immediately prior to July 1, 1992, may be reappointed to the board
43  on or after such date under this subsection. Of the members first ap-
SB 282--Am. by HCW
                                     

 1  pointed on or after July 1, 1992, two members shall be appointed for a
 2  term commencing on July 1, 1992, and ending on June 30, 1994, and two
 3  members shall be appointed for a term commencing on July 1, 1992, and
 4  ending on June 30, 1996. The governor shall designate the term for each
 5  member so appointed. Except as provided in paragraph 2 of this subsec-
 6  tion, members appointed to the board shall serve for four-year terms and
 7  until their successors are appointed and confirmed. Whenever a vacancy
 8  occurs in the membership of the board prior to the expiration of a term
 9  of office, the governor shall appoint a qualified successor to fill the unex-
10  pired term.
11    (2)  The terms of members who are serving on the board on the ef-
12  fective date of this act shall expire on March 15, of the year in which such
13  member's term would have expired under the provisions of this section
14  prior to amendment by this act and by section 3 of chapter 194 of the
15  session laws of 1995. Thereafter members shall be appointed for terms
16  of four years and until their successors are appointed and confirmed.
17    (c)  Members of the pooled money investment board attending meet-
18  ings of such board, or attending a subcommittee meeting thereof au-
19  thorized by such board, shall be paid compensation, subsistence allow-
20  ances, mileage and other expenses as provided in K.S.A. 75-3223 and
21  amendments thereto.
22    [(d)  No member of the pooled money investment board, within
23  one year after termination of the member's position with the
24  board, shall accept employment with the pooled money investment
25  board.]
26    Sec. 2.  K.S.A. 1996 Supp. 75-4221a is hereby repealed.
27    Sec. 3.  This act shall take effect and be in force from and after its
28  publication in the statute book.