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Committee hears plan to reduce permanent mineral trust spending rate to build reserve; bill laid back for further consideration
Summary
Representative Bair told the Senate Appropriations Committee that House Bill 270 would reduce the permanent mineral trust fund’s spending policy from 5% to 4.5% of a five-year earnings average, dedicating the difference to a reserve account to permit more aggressive investing.
Representative Bair presented House Bill 270 to the Appropriations Committee, explaining the measure would reduce the spending rate taken from the Permanent Mineral Trust Fund from 5% of the five-year average of earnings to 4.5%, directing the excess back into a reserve account to build toward investment thresholds that would permit more aggressive, higher-return allocations.
Bair said the statute and the reserve account were designed to allow a portion of the corpus to be invested in less liquid, higher-yield assets once the reserve reached certain multiples (a cited 5x to 7x target). He told the committee that constraining current…
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