§ 19-3-604 - Fund provisions.
19-3-604. Fund provisions.
(a) The Treasurer of State shall establish regulations in the form of an investment policy to be approved by the State Board of Finance to carry out the provisions of this section to invest State Treasury Money Trust Management Fund moneys.
(b) (1) The Treasurer of State may invest funds in securities as authorized in 19-3-518.
(2) Funds invested will be collateralized to one hundred two percent (102%) with cash or obligations of the United States Government.
(c) (1) Moneys deposited into the State Treasury Money Trust Management Fund shall not become part of State Treasury funds.
(2) A participant will be able to deposit at will and obtain moneys upon demand of the Treasurer of State.
(d) Each participant who elects to deposit money in the State Treasury Money Trust Management Fund must:
(1) Inform the Treasurer of State upon deposit how long a period the money is expected to be available for investment; and
(2) Notify the Treasurer of State in writing whether the participant wishes to extend the period.
(e) (1) If a participant wishes to withdraw any of its money before the end of the period of investment, it must make a written request to the Treasurer of State.
(2) Any penalties or loss of interest incurred due to the early withdrawal of funds must be charged against the participant requesting the early withdrawal.
(f) (1) The Treasurer of State may assess reasonable charges against the State Treasury Money Trust Management Fund for reimbursement of the expenses incurred in administering the State Treasury Money Trust Management Fund, as well as charges for fund management.
(2) Charges incurred for fund management will be deposited into the State Treasury for credit of the Securities Reserve Fund.
(g) All interest and earnings received on the money of the State Treasury Money Trust Management Fund shall be credited back to the State Treasury Money Trust Management Fund.
(h) The Treasurer of State shall:
(1) Compute the proportion of the total deposits in the State Treasury Money Trust Management Fund which were attributable to each participant;
(2) Apply that proportion to the total amount of interest received during the month on invested money of the State Treasury Money Trust Management Fund; and
(3) Pay to each participant or reinvest upon its instructions its proportionate share of the interest, less its proportionate share of any assessments for the expenses of administration.