05 LC 21
8126
House
Resolution 197
By:
Representative Smith of the
113th
A
RESOLUTION
Creating
the House Study Committee on Public Retirement Fund Investment in Venture
Capital; and for other purposes.
WHEREAS,
the General Assembly is concerned with stimulating continued economic
development in Georgia; and
WHEREAS,
authorizing the investment of state pension funds into venture capital provides
the opportunity to enhance economic development in Georgia by creating access to
more investment dollars nationally as well as in Georgia; and
WHEREAS,
Georgia pension funds are conservatively managed and are currently prohibited
from investing in private equities; and
WHEREAS,
investing in private equities provides the possibility of enhancing the pension
fund́s
performance, reducing the
statés
obligation of payment into the fund, and fostering economic development in the
state; and
WHEREAS,
current limitations on investments in private equities in Georgia hinder the
ability of Georgia based venture funds to attract investment dollars, thus
reducing the amount of venture capital resident in Georgia and putting Georgia
at a disadvantage vis-a-vis other states in terms of supplying private equity
capital to Georgia based businesses and creating employment.
NOW,
THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES that there is created
the House Study Committee on Public Retirement Fund Investment in Venture
Capital to be composed of 9 members as follows: four members of the House of
Representatives to be appointed by the Speaker of the House of Representatives;
two members appointed by the Governor; the director of the Office of Planning
and Budget; the director of the Office of Treasury and Fiscal Services; and the
state auditor. The Governor shall designate a member of the committee as
chairperson of the committee. The chairperson shall call all meetings of the
committee.
BE
IT FURTHER RESOLVED that the committee shall undertake a study of the
conditions, needs, issues, and problems mentioned above or related thereto. The
committee may conduct such meetings at such places and at such times as it may
deem necessary or convenient to enable it to exercise fully and effectively its
powers, perform its duties, and accomplish the objectives and purposes of this
resolution. The legislative members of the committee shall receive the
allowances authorized for legislative members of interim legislative committees
but shall receive the same for not more than five days unless additional days
are authorized. The public employees on the committee shall receive no
compensation from legislative funds but may be reimbursed for expenses by their
employers. The funds necessary to carry out the provisions of this resolution
shall come from the funds appropriated to the House of Representatives. The
committee shall make a report of its findings and recommendations, with
suggestions for proposed legislation, if any, on or before December 1, 2005, on
which date the committee shall stand abolished.