74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
Enrolled
House Bill 2283
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Governor Theodore R.
Kulongoski for Public Employees Retirement System)
CHAPTER ................
AN ACT
Relating to the Oregon Investment Council; amending ORS 293.706
and 293.711 and section 28, chapter 625, Oregon Laws 2003; and
declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. Section 28, chapter 625, Oregon Laws 2003, is
amended to read:
{ + Sec. 28. + } The amendments to ORS 293.706 and 293.711 by
sections 25 and 27 { - of this 2003 Act - } { + , chapter 625,
Oregon Laws 2003, + } become operative on { - October 1,
2007 - } { + the effective date of this 2007 Act + }.
SECTION 2. ORS 293.706, as amended by section 25, chapter 625,
Oregon Laws 2003, and section 2, chapter 180, Oregon Laws 2005,
is amended to read:
293.706. (1) There is created the Oregon Investment Council,
consisting of five voting members and one nonvoting member.
{ - (2) The Governor shall appoint four voting members,
subject to Senate confirmation in the manner provided in ORS
171.562 and 171.565. Of the members appointed under this
subsection: - }
{ - (a) One must be a person who is appointed to serve on the
Public Employees Retirement Board under ORS 238.640 (4); and - }
{ - (b) Three must be qualified by training and experience in
the field of investment or finance and may not hold any other
public office or employment. - }
{ + (2) The Governor shall appoint four voting members,
subject to Senate confirmation in the manner provided in ORS
171.562 and 171.565. The members appointed by the Governor must
be qualified by training and experience in the field of
investment or finance.
(3) The Governor may appoint a member of the council under
subsection (2) of this section who is also a member of the Public
Employees Retirement Board appointed under ORS 238.640 (4).
Except as provided in this subsection, members appointed by the
Governor may not hold any other public office or public
employment. + }
{ - (3) - } { + (4) + } The State Treasurer shall be a
voting member.
{ - (4) - } { + (5) + } The Director of the Public
Employees Retirement System shall be an ex officio member of the
council with no voting power.
Enrolled House Bill 2283 (HB 2283-A) Page 1
{ - (5) - } { + (6) + } The term of office of each
appointed member of the council is four years, but each appointed
member serves at the pleasure of the Governor. 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.
{ - (6) - } { + (7) + } An appointed member may not be
appointed to more than two full terms in any 12-year period.
SECTION 3. ORS 293.711, as amended by section 27, chapter 625,
Oregon Laws 2003, and section 4, chapter 180, Oregon Laws 2005,
is amended to read:
293.711. (1) { + Except as provided in subsection (2) of this
section, + } 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 (7) - } .
{ + (2) A member of the council who is also a member of the
Public Employees Retirement Board is entitled to compensation and
expenses as provided in ORS 238.640 (7) and (8). + }
{ - (2) - } { + (3) + } 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 determines.
{ - (3) - } { + (4) + } A person may not serve as
chairperson of the council for more than four years in any
12-year period.
SECTION 4. { + This 2007 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2007 Act takes effect on its
passage. + }
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Passed by House March 5, 2007
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 29, 2007
...........................................................
President of Senate
Enrolled House Bill 2283 (HB 2283-A) Page 2
Received by Governor:
......M.,............., 2007
Approved:
......M.,............., 2007
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2007
...........................................................
Secretary of State
Enrolled House Bill 2283 (HB 2283-A) Page 3