An Act Regarding State Investments and the Dakota Access Pipeline
Maine Legislature, Session 128, LD 0981
Committee: State and Local Government
Sponsors: CHIPMAN, SYLVESTER, JACKSON, MIRAMANT, BEEBE-CENTER, BRYANT, HAMANN, MARTIN, RYKERSON
Amends: 5 MRSA §135-B, 5 MRSA §138-A, 5 MRSA §1957

Legislative Document
No. 981
S.P. 320
In Senate, March 9, 2017
An Act Regarding State Investments and the Dakota Access Pipeline
Reference to the Committee on State and Local Government suggested and ordered printed.
HEATHER J.R. PRIEST
Secretary of the Senate
Presented by Senator CHIPMAN of Cumberland.
Cosponsored by Representative SYLVESTER of Portland and
Senators: JACKSON of Aroostook, MIRAMANT of Knox, Representatives: BEEBE-
CENTER of Rockland, BRYANT of Windham, CASÁS of Rockport, HAMANN of South 
Portland, MARTIN of Sinclair, RYKERSON of Kittery.
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  5 MRSA §135-B is enacted to read: 
§135-B.  Limitation on deposits; Dakota Access pipeline 
Notwithstanding section 135 or any other provision of law to the contrary, the 
Treasurer of State may not deposit the money of the State in any national bank or in any 
banking institution, trust company, state or federal savings and loan association or mutual 
savings bank that is providing funds, extending credit or otherwise engaged in financing 
the construction of the Dakota Access pipeline. For the purposes of this section, "Dakota 
Access pipeline" means the oil pipeline designed to connect the Bakken oil fields in 
North Dakota to Illinois, traveling through South Dakota and Iowa, constructed by 
Dakota Access, LLC. 
Sec. 2.  5 MRSA §138-A is enacted to read: 
§138-A.  Limitation on investments; Dakota Access pipeline 
Notwithstanding section 138 or any other provision of law to the contrary, the 
Treasurer of State may not invest any permanent funds held in trust by the State in the 
securities of any corporation or company or any subsidiary, affiliate or parent of any 
corporation or company that is providing funds, extending credit or otherwise engaged in 
financing the construction of the Dakota Access pipeline. For the purposes of this section, 
"Dakota Access pipeline" means the oil pipeline designed to connect the Bakken oil fields 
in North Dakota to Illinois, traveling through South Dakota and Iowa, constructed by 
Dakota Access, LLC. 
Sec. 3.  5 MRSA §1957 is enacted to read: 
§1957.  Dakota Access pipeline 
1.  Divestment.  The Board of Trustees of the Maine Public Employees Retirement 
System shall review the extent to which the assets of any state pension or annuity fund 
are invested in the stocks, securities or other obligations of any corporation or company, 
or any subsidiary, affiliate or parent of any corporation or company, constructing or 
funding the construction of the Dakota Access pipeline.  Except as provided in subsection 
2, the board shall, in accordance with sound investment criteria and consistent with the 
board's fiduciary obligations, divest any such holdings and may not invest any assets in 
any such stocks, securities or other obligations.  Divestment pursuant to this subsection 
must be complete by January 1, 2019.  For the purposes of this section, "Dakota Access 
pipeline" means the oil pipeline designed to connect the Bakken oil fields in North 
Dakota to Illinois, traveling through South Dakota and Iowa, constructed by Dakota 
Access, LLC. 
2.  Exemption.  Short-term investment funds that commingle commercial paper or 
futures and other commingled investment or index funds are exempt from the restrictions 
imposed by this section. 
SUMMARY 
This bill prohibits the Treasurer of State from depositing funds in any bank that is 
providing funds, extending credit or otherwise engaged in financing the construction of 
the Dakota Access pipeline. This bill also prohibits the Treasurer of State from investing 
in the securities of a corporation or company or other entity that is providing funds, 
extending credit or otherwise engaged in financing the construction of the Dakota Access 
pipeline. 
This bill requires the Maine Public Employees Retirement System to divest its 
holdings in any corporation or company that is constructing or funding construction of 
the so-called Dakota Access pipeline.  The bill requires divestment to be completed by 
January 1, 2019.