12-3724.   Self-insurance reserve fund; investment bydirector of investments; acceptance of moneys from other entities; taxexemption.(a) The director of investments mayinvest andreinvest moneys inthe self-insurance reserve fund in accordance with investment policiesestablished by the pooled money investment board under K.S.A. 75-4232, andamendments thereto, in obligations of the United States ofAmerica or obligations the principal and interest of which are guaranteedby the United States of America or in interest-bearing time deposits in anycommercial bank located in Kansas, or, if the director ofinvestmentsdetermines that it is impossible to deposit such moneys in such timedeposits, in repurchase agreements of less than 30 days' durationwith a Kansas bankor with a primary government securities dealer which reports to themarket reports division of the federal reserve bank of New Yorkfor direct obligations of, or obligations that areinsured as to principal and interest by, the United States government orany agency thereof.

      (b)   For the purposes of this act the director of investmentsmayaccept funds, public orprivate, from any person, firm, corporation or from any state agency orother public instrumentality, or from the federal government or anydepartment or agency thereof.

      (c)   All moneys in the self-insurance reserve fund, or payable to suchfund, are hereby specifically exempt from any and all taxes authorized bylaw to be levied or collected, whether sales, income, ad valorem, premiumor by whatever name described.

      History:   L. 1973, ch. 360, § 3; L. 1975, ch. 404, § 2;L. 1987, ch. 295, § 2; L. 1989, ch. 48, § 69;L. 1996, ch. 254, § 6; May 23.