H1086B1258A07859       AJM:JSL 06/23/08    #90             A07859
            AMENDMENTS TO HOUSE BILL NO. 1086 (As amended by A07762)
                                    Sponsor:  REPRESENTATIVE GODSHALL
                                           Printer's No. 1258

     1       Amend Sec. 5, page 8, line 41 (A07762), by striking out
     2    "nine" and inserting
     3               15
     4       Amend Sec. 8, page 10, line 7 (A07762), by removing the
     5    period after "law" and inserting
     6    , including, but not limited to, any fiduciary or prudent
     7    investing responsibilities as prescribed in 24 Pa.C.S. § 8521
     8    (relating to management of fund and accounts) and 71 Pa.C.S. §
     9    5931 (relating to management of fund and accounts) and any
    10    obligations of a public fund with respect to choice of asset
    11    managers, investment funds or investments for the public fund's
    12    securities portfolios.

    13       Amend Bill, page 10, by inserting between lines 42 and 43
    14    (A07762)
    15    Section 10.  Reimbursement.
    16       After the end of the fiscal year of each public fund, the
    17    public fund shall submit to and the Secretary of the Budget
    18    shall certify the determination of the net losses, if any, costs
    19    and expenses incurred by the public fund as a result of
    20    compliance with the provisions of this act, and the Commonwealth
    21    shall promptly reimburse the public fund for those losses, costs
    22    and expenses from the General Fund. If the public fund accrues
    23    net gains as a result of compliance with the provisions of this
    24    act, the gains shall first be offset against the costs and
    25    expenses of compliance with this act during the previous fiscal
    26    year and any balance shall be offset against the costs and
    27    expenses of compliance and any net losses incurred in future
    28    fiscal years.

    29       Amend Sec. 10, page 10, line 43 (A07762), by striking out
    30    "10" and inserting
    31               11
    32       Amend Sec. 11, page 10, line 48 (A07762), by striking out

     1    "11" and inserting
     2               12



















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