35-318. Investment managers and advisors;
treasury monies; investment services account
A. The state treasurer may enter into an agreement with investment managers to
invest treasury monies or with advisors to recommend investment strategies or tactics for
the investment of treasury monies, including legal advisors. Qualification and selection
of investment managers or advisors pursuant to this section are exempt from title 41,
chapter 23 but must be conducted by a process that is substantially equivalent to
procedures prescribed by title 41, chapter 23. Managers or advisors who enter into a
contract pursuant to this section shall be paid from earnings on investments. A contract
established pursuant to this section may be annually renewable but shall be limited to a
period of not more than three years. A contract may be cancelled by the treasurer with
forty-five days' written notice.
B. An agreement established pursuant to subsection A of this section shall require
the investment manager to regularly account for, itemize and inventory all securities
under management consistent with the requirements of section 35-317, subsections C, D and
E and report the findings to the state treasurer at least monthly or on demand.
C. The state treasurer shall maintain an investment services account consisting of
all monies for payment of contractual financial services authorized by this section. The
account shall consist of monies apportioned from the investment earnings of assets under
management that are necessary for the payment of current contractual obligations.
D. Expenditures for investment management and advisory fees required by contract
pursuant to subsection A of this section shall be paid on approval of the state treasurer
from the investment services account established by subsection C of this section.
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