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
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