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2009 SESSION
SB 1395 Visitors, board of; William & Mary, VCU, & VPI&SU boards authorized to invest & manage funds.
Introduced by: Thomas K. Norment, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Board of visitors; the College of William and Mary, Virginia Polytechnic Institute and State University, and Virginia Commonwealth University. Authorizes the boards of visitors of the College of William and Mary, Virginia Polytechnic Institute and State University, and Virginia Commonwealth University to invest and manage endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances as well as local funds of or held by the College or Universities. Exempts members of the board of visitors from personal liability for losses suffered by such investment. The bill also exempts the investment and management of endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances and local funds of or held by the College and Universities from the Virginia Public Procurement Act. Finally, the bill allows the endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances and local funds of or held by the College or Universities to be invested or reinvested in derivatives, options, and financial securities in accordance with the Uniform Prudent Management of Institutional Funds Act. This bill is identical to HB 1725.
FULL TEXT
- 01/14/09 Senate: Prefiled and ordered printed; offered 01/14/09 098372284 pdf | impact statement
- 02/05/09 Senate: Committee substitute printed 093405284-S1 pdf | impact statement
- 03/09/09 Senate: Bill text as passed Senate and House (SB1395ER) pdf | impact statement
- 03/30/09 Governor: Acts of Assembly Chapter text (CHAP0767) pdf
HISTORY
- 01/14/09 Senate: Prefiled and ordered printed; offered 01/14/09 098372284
- 01/14/09 Senate: Referred to Committee on Education and Health
- 01/19/09 Senate: Assigned Education sub: Higher Education
- 02/05/09 Senate: Reported from Education and Health with substitute (14-Y 1-N)
- 02/05/09 Senate: Committee substitute printed 093405284-S1
- 02/05/09 Senate: Rereferred to Finance
- 02/05/09 Senate: Reported from Finance (13-Y 0-N)
- 02/09/09 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/09 Senate: Read second time
- 02/10/09 Senate: Reading of substitute waived
- 02/10/09 Senate: Committee substitute agreed to 093405284-S1
- 02/10/09 Senate: Engrossed by Senate - committee substitute SB1395S1
- 02/10/09 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/09 Senate: Passed Senate (39-Y 0-N)
- 02/13/09 House: Placed on Calendar
- 02/13/09 House: Read first time
- 02/13/09 House: Referred to Committee on Appropriations
- 02/16/09 House: Assigned App. sub: Higher Education (Morgan)
- 02/23/09 House: Subcommittee recommends reporting
- 02/23/09 House: Reported from Appropriations (24-Y 0-N)
- 02/24/09 House: Read second time
- 02/25/09 House: Read third time
- 02/25/09 House: Passed House BLOCK VOTE (100-Y 0-N)
- 02/25/09 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 03/09/09 Senate: Enrolled
- 03/09/09 Senate: Bill text as passed Senate and House (SB1395ER)
- 03/10/09 Senate: Signed by President
- 03/11/09 House: Signed by Speaker
- 03/30/09 Governor: Approved by Governor-Chapter 767 (effective 7/1/09)
- 03/30/09 Governor: Acts of Assembly Chapter text (CHAP0767)