392             1997 Session Laws of Kansas             Ch. 111

Be it enacted by the Legislature of the State of Kansas:

Section 1. K.S.A. 1996 Supp. 75-4221a is hereby amended to read
as follows: 75-4221a. (a) There is hereby established the pooled money
investment board which shall consist of six five members, four of whom
shall be appointed by the governor, subject to confirmation by the senate
as provided in K.S.A. 75-4315b and amendments thereto. Except as pro-
vided by K.S.A. 1996 Supp. 46-2601, and amendments thereto, no person
appointed to the board, whose appointment is subject to confirmation,
shall exercise any power, duty or function as a member of the board until
confirmed by the senate. The fifth member shall be the state treasurer.
The sixth member shall be the securities commissioner who shall serve
as a nonvoting member. Not more than three members of the board shall
be of the same political party. All members appointed to the board shall
have at least 10 years of direct work experience in the areas of finance,
accounting or management of investments or shall have at least a bac-
calaureate degree from an accredited college or university and at least
five years of direct work experience in the areas of finance, accounting
or management of investments. Except as provided by subsection (b),
members appointed by the governor shall serve for a term of four years

Ch. 111             1997 Session Laws of Kansas             393

and until successors are appointed and confirmed. The governor shall
select one of the board members to serve as chairperson.

(b) (1) On July 1, 1992, the two appointive board members serving
on the board immediately prior to such date shall cease to be members
of the board and on such date, or as soon thereafter as possible, the
governor shall appoint four members to the board to serve for terms as
specified by this subsection. The two appointive members serving on the
board immediately prior to July 1, 1992, may be reappointed to the board
on or after such date under this subsection. Of the members first ap-
pointed on or after July 1, 1992, two members shall be appointed for a
term commencing on July 1, 1992, and ending on June 30, 1994, and two
members shall be appointed for a term commencing on July 1, 1992, and
ending on June 30, 1996. The governor shall designate the term for each
member so appointed. Except as provided in paragraph 2 of this subsec-
tion, members appointed to the board shall serve for four-year terms and
until their successors are appointed and confirmed. Whenever a vacancy
occurs in the membership of the board prior to the expiration of a term
of office, the governor shall appoint a qualified successor to fill the unex-
pired term.

(2) The terms of members who are serving on the board on the ef-
fective date of this act shall expire on March 15, of the year in which such
member's term would have expired under the provisions of this section
prior to amendment by this act and by section 3 of chapter 194 of the
session laws of 1995. Thereafter members shall be appointed for terms
of four years and until their successors are appointed and confirmed.

(c) Members of the pooled money investment board attending meet-
ings of such board, or attending a subcommittee meeting thereof au-
thorized by such board, shall be paid compensation, subsistence allow-
ances, mileage and other expenses as provided in K.S.A. 75-3223 and
amendments thereto.

(d) No member of the pooled money investment board, within one
year after termination of the member's position with the board, shall ac-
cept employment with the pooled money investment board.

Sec. 2. K.S.A. 1996 Supp. 75-4221a is hereby repealed.

Sec. 3. This act shall take effect and be in force from and after its
publication in the statute book.

Approved April 10, 1997.