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REFERENCE TITLE: retirement systems; investments; fossil fuels |
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State of Arizona House of Representatives Fifty-fourth Legislature Second Regular Session 2020
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HB 2874 |
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Introduced by Representative Cano
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AN ACT
Amending Title 38, chapter 5, Arizona Revised Statutes, by adding article 7.1; relating to public retirement systems.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 38, chapter 5, Arizona Revised Statutes, is amended by adding article 7.1, to read:
ARTICLE 7.1. RETIREMENT SYSTEM INVESTMENTS
38-931. Definitions
In this article, unless the context otherwise requires:
1. "Board" means the ASRS board established by section 38‑713, or the board's designee, and the board of trustees established by section 38‑848, or the board's designee.
2. "Company" means a sole proprietorship, organization, association, corporation, partnership, venture or other entity, or its subsidiary or affiliate, that is for-profit or that exists to otherwise secure economic advantage.
3. "Investment" means the purchase, ownership or control of publicly issued stock, corporate bonds or other debt instruments issued by a company.
38-932. Investment liquidation; fossil fuel companies
A. The board may not make additional or new investments or renew existing investments in a fossil fuel company.
B. On or before July 1, 2022, the board shall liquidate all investments in any fossil fuel company.