71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
Enrolled
House Bill 2117
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of State Treasurer Jim Hill)
CHAPTER ................
AN ACT
Relating to membership in the Oregon Investment Council; creating
new provisions; and amending ORS 293.706 and 293.711.
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 members, subject to Senate confirmation in the
manner provided in ORS 171.562 and 171.565.
(2) One member of the council shall be a { - public
member - } { + person + } who serves on the Public Employees
Retirement Board.
{ + (3) + } Three members, who shall be qualified by training
and experience in the field of investment or finance and who may
not hold any other public office or employment, shall be
appointed by the Governor. One member shall be the State
Treasurer. In addition, the Director of the Public Employees
Retirement System appointed by the board shall be an ex officio
member of the council with no voting power.
{ - (3) - } { + (4) + } The term of office of each
appointed non ex officio member of the council is four years, but
each appointed member serves at the pleasure of the appointing
authority. 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.
SECTION 2. ORS 293.711 is amended to read:
293.711. (1) A member of the Oregon Investment Council is
entitled to compensation and expenses as provided in ORS 292.495
{ + except that the member of the council who is also a member
of the Public Employees Retirement Board shall be compensated in
the manner provided in ORS 238.640 (3). If the member from the
board is also an active member of the Public Employees Retirement
System, conducting official business of the Oregon Investment
Council shall be considered conducting official business of the
board for purposes of ORS 238.640 (4) + }.
(2) The council shall select one of its members as chairperson,
for a term and with powers and duties necessary for the
performance of the functions of the office as the council shall
determine.
SECTION 3. { + (1) The person serving on the Oregon Investment
Council on the effective date of this 2001 Act who is serving as
a public member under ORS 293.706 (1999 Edition) may continue to
serve until the expiration of the person's term.
Enrolled House Bill 2117 (HB 2117-A) Page 1
(2) The first person appointed to the council under the
provisions of ORS 293.706 (2), as amended by section 1 of this
2001 Act, may begin serving immediately after the expiration of
the term of the person described in subsection (1) of this
section or when a vacancy occurs in the position, whichever
occurs first. + }
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Passed by House February 26, 2001
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Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 7, 2001
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President of Senate
Enrolled House Bill 2117 (HB 2117-A) Page 2
Received by Governor:
......M.,............., 2001
Approved:
......M.,............., 2001
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Governor
Filed in Office of Secretary of State:
......M.,............., 2001
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Secretary of State
Enrolled House Bill 2117 (HB 2117-A) Page 3