Bill: Draft EGP Fix Act

[Superwoops]

A
BILL
TO

Fix issues with the EGP Act​

The citizens of Oakridge, through their elected Representatives in the Town Council and the force of law ordained to that Town Council by the people through the constitution of Oakridge, do hereby enact the following provisions:

1 - Short Title and Enactment
(1) This Act may be cited as the 'Economic Growth Plan Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Head of Commerce Superwoops
(4) This Act has been co-sponsored by:

2 - Reasons
(1) The creation of a solely governmental entity would streamline operations.

This bill amends the Economic Growth Plan Act as follows:

3 - Creation of the Oakridge National Bank
(1) The Office of Commerce is authorised to create a town-owned commercial bank which is to take deposits and be the investment vehicle for the Economic Growth Plan.
(2) The Head of Commerce is authorised to draft and submit Incorporation filings for a corporation to fulfill this purpose. The corporation will be a governmental entity under §2(1)(c) of the Legal Entity Act only following the initial approval of all corporation filings by the Department of Commerce.
(3) At inception, this bank will be owned by the Town of Oakridge in its entirety.
(2) The Oakridge National Bank will become a Governmental Entity upon the mayoral assent of this Act and as outlined by the Legal Entity Act. Its director shall be the Head of Commerce at all times unless there is a vacancy in the post, in which case the Mayor will be its director.
(4) The Office of Commerce is authorised to hold, acquire, and sell Reveille properties.
(5) The Oakridge National Bank is required to follow all requirements listed in the following subsections, as well as current financial regulations, and Executive Orders.
(a) ONB must primarily invest Economic Growth Plan proceeds into FRB products and securities.
(b) ONB may not at any time allocate more than 30% of the funds destined from the treasury to the Economic Growth Plan towards Real Estate investments.
(c) ONB will minimize operating costs wherever it is reasonable to do so.
(d) In case of a short term cash shortage, the town may divert money into the Oakridge National Bank, if there is no quick solution.
(6) Initial allocated funds are to be $1,000,000, with any further allocations requiring the approval of the Mayor.
(7) No further allocations may leave the Town of Oakridge treasury with less than $800,000 in its balance at any time.
(8) Should the Oakridge National Bank require legal assistance of any kind, whether that be compliance, lawsuits, etc., the Oakridge Office of Legal Affairs is required to assist.
(9) Distribution of profits, as well as details not mentioned in this bill, shall be determined by the Certificate of Incorporation. will be determined by the Head of Commerce at any time. Profits may only go towards the Town of Oakridge balance.
(10) The Office of Commerce will gather monthly financial overviews of the Oakridge National Bank to be presented to the Mayor, Deputy Mayor and Council every month.