Public Investments Act

Public Investments Act

Osolian law passed by Assembly
Osolian Assembly
Introduced by	Hydrogen
Dates
Presented to the Assembly	21 June 2024
Commencement	22 June 2024
Other legislation
Amended by	Public Investments Broadening Act
Status: Amended
History of passage through the Assembly
Text of statute as originally enacted

The Public Investments Act is a law in Osolia, passed by the Osolian Assembly with 100% approval. This act creates a public investment pool, operated and held by the Department of Finance, to be used by the Chiefdom of Osolia to fund public works projects, such as the construction of public farms.

On August 31, 2024, the Public Investments Act would be amended by the Public Investments Broadening Act to further clarify who could use funds placed in the public investment pool.

Background

On June 21, 2024, a discussion was started in the #assembly channel on the Osolian Discord server regarding the expansion of Osolia, and by extension, the city of Sahosam. The conversation quickly turned into the creation of additional public farms such as iron farms. Chief TriforceComet, who was quite wealthy due to the diamond cent system allowing for those who mined a ton of diamonds to become rich, offered to fund the project. However, this was met with a bit of pushback from those who were concerned of this establishing that a Chief must be rich so that they can fund projects. This pushback mainly stemmed from Director of Finance Michael Webb and former Director of Finance Hydrogen.

Hydrogen suggested the creation of a public investment pool where any citizen can pitch in to help fund public projects. Although some saw little difference between this and just letting Triforce fund it, it was generally agreed that it would be the best option moving forward. After discussing some of the details behind the bill, it was introduced to the Assembly by Hydrogen later that day, and was passed by the Assembly with unanimous approval amongst those who voted on June 22, 2024.

Provisions

Establishment and use of the public investment pool

This section establishes the public investment pool in law, and describes how it should be used. Specifically, the Osolian Public Investment Pool is held by the Osolian Treasury, in the control of the Department of Finance. This pool can be deposited into directly by any Osolian at any time to help fund current and future projects.

Additionally, while the Department of Finance manages the fund, they are still held accountable to the Assembly to ensure it can account for every withdrawal from the pool and should avoid excessive/careless spending. The Osolian government must also announce what projects are being funded by this pool and disclose proposed spending. The Assembly has the power to block the allocation of funds to a project, which is binding if a majority if reached.

Misuse of funds

If funds are misused by any government officials to unduly enrich themselves or others, they shall be prosecuted by the Chiefdom of Osolia in a trial. The judge will determine whether the use of these funds was legal or not, and then is expected to deliver a "reasonable sentence" per their own judgement.