It is true that S.204 (aka “VT State Bank”) failed to move out of Senate Finance Committee in time to be sent to the House of Representatives yesterday (3/26/14). Nevertheless, I saw/heard the following during the long knock-em-down drag-em-out concerning S.220 (Workers Comp, registry of sole contractors, advertising funds for tourism, etc, etc):
on page 528, Senate Journal for the date:
Senators Ashe, Bray, French, Lyons, MacDonald, Mullin, Pollina, and White
move to amend the bill as follows:
First: By adding a new section to be numbered Sec. 25 to read as follows:
Sec. 25. VERMONT STATE TREASURER; CREDIT FACILITY FOR LOCAL INVESTMENTS
(a) Notwithstanding any other provision of law to the contrary, the Vermont State Treasurer shall have the authority to establish a credit facility of up to 10 percent of the State’s average cash balance on terms acceptable to the Treasurer for purposes established by the Treasurer’s Local Investment Advisory Committee.
(b) The amount authorized in subsection (a) of this section shall include all credit facilities authorized by the General Assembly and established by the Treasurer prior to or subsequent to the effective date of this section, and the renewal or replacement of those credit facilities.
State bank gets a toe in the door? And if so, what’s Mullin doing there? Or 10% is just a popular number these days?