ASSEMBLY A BUDGET REQUEST OUTLINING THE OPERATING AND
ADMINISTRATIVE EXPENSES OF THE PROGRAM. UPON APPROPRIATION BY
THE GENERAL ASSEMBLY, EXPENSES INCURRED BY THE DEPARTMENT AND
THE BUREAU SHALL BE PAID FROM THE FEES, CHARGES AND
INVESTMENT EARNINGS OF MONEY IN THE FUND.
(3) ASSETS OF THE FUND SHALL BE PRESERVED, INVESTED AND
EXPENDED SOLELY FOR THE PURPOSES SPECIFIED IN THIS ACT.
(4) THE DEPARTMENT SHALL REPAY FROM THE FEES, CHARGES
AND INVESTMENT EARNINGS OF THE FUND TO THE GENERAL FUND ANY
MONEY APPROPRIATED FOR THE INITIAL PLANNING, ORGANIZATION AND
ADMINISTRATION OF THE PROGRAM. THE REPAYMENT MUST OCCUR
WITHIN A 10-YEAR PERIOD COMMENCING ON SEPTEMBER 1, 2030.
NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE DEPARTMENT
MAY NOT PLEDGE THE CREDIT OR TAXING POWERS OF THE
COMMONWEALTH. ANY OBLIGATION OF DEBT UNDER THIS SECTION SHALL
NOT BE DEEMED AN OBLIGATION OR DEBT OF THE COMMONWEALTH, NOR
SHALL THE COMMONWEALTH BE LIABLE TO PAY PRINCIPAL AND
INTEREST ON OBLIGATIONS OR TO OFFSET ANY LOSS OF PRINCIPAL
AND INTEREST EARNINGS ON INVESTMENTS MADE BY THE DEPARTMENT.
(5) THE POLICIES GOVERNING THE INVESTMENT OF THE FUND
SHALL BE DIRECTED TO OBTAINING SUFFICIENT INCOME TO MEET THE
FUND'S OBLIGATIONS UNDER THIS ACT, MAINTAINING NECESSARY
RESERVES AND COVERING OPERATING EXPENSES. THE POLICIES
GOVERNING THE FUND SHALL BE DIRECTED TO PROVIDING FOR AN
APPROPRIATE BALANCE OF RISK, LIQUIDITY AND RETURN
COMMENSURATE WITH THE MANAGEMENT OF A PRUDENT INVESTOR. THE
DEPARTMENT, ITS INVESTMENT MANAGERS, PROGRAM MANAGERS AND
TRUSTEES SHALL HAVE THE AUTHORITY TO INVEST AND REINVEST
MONEY IN THE FUND. THE DEPARTMENT MAY USE A THIRD PARTY TO
INVEST THE ASSETS AND MAINTAIN THE FUND.
20230HB0126PN3133 - 11 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30