12-1677a.   Municipal investment pool fund; investments; requirements; rulesand regulations.(a) Moneys deposited by any municipalitywith the statetreasurer for investment authorized in paragraph (5) of subsection(b) ofK.S.A. 12-1675, and amendments thereto, shall be deposited in the municipalinvestment pool fund which is hereby created in the state treasury.The state treasurer shall provide the board a monthly record of the depositsand withdrawals of municipalities. Such record may include the amount of thedeposit, the date of the deposit andsuch other information as the pooled money investment board may require.

      (b)   The director of investments mayinvest andreinvest moneys in themunicipal investment pool fund in accordance with investment policiesestablished by the pooled money investment board under K.S.A. 75-4232, andamendments thereto, and in accordance with K.S.A. 75-4234 and75-4209, and amendments thereto.

      (c)   The director of investments shall apportion earnings and lossesamong the accounts of the depositors in the various investment options of themunicipal investment pool in accordance with policies approved and published bythe board.A statement for each municipality participating unit accountshowing deposits, withdrawals, earnings and losses distributions shall beprovided monthly to the municipality.The director of investments shall makecomprehensive reports monthly to thosemunicipalitiesparticipating in the municipal investment pool fund and to other interestedparties requesting such reports. Suchreports shall include a summary of transactions for the month,the currentmarketvalue of the pooled money investment portfolio investments, theweighted average maturity of the portfolio, the original costs of theinvestments in theportfolio, including any feesassociated with such investmentsand such other relevant information the director ofinvestmentsmay wish to include insuch report.

      (d)   The municipal investment pool reserve fund is abolished effective July1,1996,and any unencumbered balance remaining therein shall be applied to net lossesin the municipal investment pool fund. The municipal investment pool fund feefund is abolished on July 1, 1997, and any unencumbered balance remainingtherein shall be transferred to the pooled money investment portfolio fee fundand such amounts shall be applied to net losses, as of July 1, 1996, in themunicipal investment pool fund.

      (e)   The pooled money investment board may adoptrules and regulations necessary for theadministration and operation ofthe municipal investment pool fund and may enter into agreements with anymunicipality as to methods of deposits, withdrawals and investments.

      (f)   Deposits in the municipal investment pool fund: (1) May onlybe madefor the same maturity as the maturity which isoffered under paragraph (2) of subsection (b) ofK.S.A. 12-1675 andamendments thereto; and (2) upon the maturity of such deposits, such moneysshall be offered for investment under paragraph(2) of subsection (b)of K.S.A. 12-1675, and amendments thereto, and may be reinvested in such fundonly if the conditions contained in subsection (c) of K.S.A. 12-1675, andamendments thereto, have been satisfied.

      (g)   Moneys and investments in the municipal investment pool fund shall bemanagedby the pooled money investment board in accordance with investment policiesprovidedfor in K.S.A. 75-4209, and amendments thereto. A copy ofsuch published policies shall be distributed to all municipalitiesparticipating in the municipal investment pool fund and to other interestedpersons requesting a copy of such policies. The pooled money investment boardshall not contract for management of investments by a money manager.

      History:   L. 1992, ch. 146, § 1;L. 1993, ch. 207, § 3;L. 1995, ch. 194, § 1;L. 1996, ch. 254, § 4;L. 1997, ch. 180, § 16; May 29.