Bill: SB 5464 (HB 2059) — 2017
Establishing the Washington investment trust (Hasegawa, Saldaña, Wellman)
licly owned depository to be known as a legacy institution
that amasses sufficient capital reserves to address
opportunities now and in the future.
Creates the Washington investment trust commission as
the primary governing authority of the trust.
Creates the trust transition board to develop and
recommend the following to the commission: (1) A start-up
business plan for the trust;
(2) Initial capital requirements of the trust; and
(3) Options for capitalizing the trust.
Creates an investment trust advisory board to review the
trust's operations and make recommendations relating to the
trust's management, services, policies, and procedures.
Requires the state auditor to conduct an annual
postaudit on all accounts and financial transactions of the
Exempts the trust from payment of fees and taxes levied
by the state.
Exempts the president of the trust from the provisions
of the state civil service act.
Hearing Date: Thursday, February 09, 2017 -- 8:00 am
WA State Legislature Link:
http://app.leg.wa.gov/billsummary?BillNumber=5464&Year=2017 (opens a new browser tab)