The bill creates a special purpose authority (investment performance authority) that is authorized to invest certain public money from certain special funds, enterprise funds, and funds held by other special purpose authorities. State and other governmental entities (eligible entities) may choose to have the investment performance authority invest their money instead of the state treasurer or other authorized investor, under certain conditions. The entire CUT board expressed total opposition to this measure with arguments including: investing is the duty of the State Treasurer – not a board with unknown experience in investing, gifts, grants and donations may contribute to influence and favoritism, calculating allocations of earnings toward TABOR will be ridiculously complex, not the role of the government, a stand-alone bill for child care should be offered so the public can see where the money is spent.
*The CUT board recognizes this bill may have a potential new amendment and reserves the option of reversing its current opinion.
