35-316. Investment pools; deduction; operating
fund
A. The state treasurer may establish and maintain investment pools for the
collective investment of trust monies in this state.
B. The state treasurer may deposit operating monies in the investment pools and
receive into such pools any monies a state agency, county, city or town or any other
political subdivision or public entity in this state may supply. When a depositor
provides monies, the state treasurer may ask the depositor to specify the date or dates
on which the monies will be withdrawn. All investment pools shall be invested by the
state treasurer for such periods as will facilitate the highest return on the monies
deposited and provide the required liquidity to the depositors.
C. The state treasurer shall compute on a monthly basis the rate of earnings on the
investment pools for that month, and, except as provided in subsection D, each depositor
shall be credited with an amount determined by applying the calculated monthly rate to
the principal amount of its deposit balance for the period of the deposit. Interest
shall be credited monthly promptly after calculation.
D. The state treasurer may deduct monthly a management fee not to exceed
six-hundredths of one per cent from the rate of earnings calculated pursuant to
subsection C on investment pools other than permanent endowment funds for the operating
budget appropriated to the state treasurer's office each fiscal year.
E. The state treasurer's operating fund is established consisting of monies
collected pursuant to subsection D. The state treasurer's office shall administer the
state treasurer's operating fund. Monies in the fund are subject to legislative
appropriation. Any management fees collected in excess of the amount appropriated to the
state treasurer's office from the state treasurer's operating fund shall be deposited in
the state general fund.
|