General Laws

[ Text of section effective until January 1, 2013. For text effective January 1, 2013, see below.]

  Section 97. There shall be a board, to be known as the finance advisory board, in this section and in section ninety-eight, called the board, to consist of the state treasurer and four members appointed by the governor, with the advice and consent of the council. Said members appointed by the governor shall be designated in their original appointments to serve for one, two, three and four years, respectively. Upon the expiration of the term of a member, his successor shall be appointed for a term of four years. At least two members appointed by the governor shall be persons with expert knowledge of the field of investment of funds. The governor shall, from time to time, designate one of the members as chairman. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. The commission on administration and finance shall provide the board with such clerical and other assistance as the board may deem necessary from time to time.

Chapter 6: Section 97. State finance and governance board; membership

[ Text of section as amended by 2012, 165, Sec. 17 effective January 1, 2013. See 2012, 165, Sec. 137. For text effective until January 1, 2013, see above.]

  Section 97. (a) As used in this section and section 98, the following words shall have the following meanings:

  "Board'', the state finance and governance board established by subsection (b).

  "Derivative financial products'', financial instruments with values derived from or based upon the value of other assets or on the level of an interest rate index including, but not limited to, detached call options, interest rate swaps or swaptions, caps, floors and collars, but not including bond insurance or other credit or liquidity enhancement of bonds or notes or agreements related to the lending or investment of the proceeds of bonds or notes.

  "State entity'', the commonwealth, a state authority or another state entity with responsibility for managing and overseeing public funds.

  "Secretary'', the secretary of administration and finance.

  (b) There shall be a state finance and governance board consisting of 5 members: 3 of whom shall be appointed by the governor and 2 of whom shall be appointed by the state treasurer. Upon the expiration of the term of a member, a successor shall be appointed for a term of 4 years. At least 2 members appointed by the governor shall be persons with expert knowledge of the field of public finance. The governor shall designate 1 of the members to serve as chair. The members shall serve without compensation but shall receive their necessary expenses incurred in the discharge of their official duties. The secretary shall provide the board with appropriate staff and other assistance and may engage professionals to advise the board.