68-2324. Secretary of transportation to have management of state highway fund and investment of such fund.
68-2324
68-2324. Secretary of transportation to have management of state highwayfund and investment of such fund.Subject to appropriations acts, the secretary shall haveresponsibility for the management of the state highway fund and shallprovide, by resolution, for amounts and duration of investments andreinvestments of moneys in such fund. The resolution may recommendinvestment and reporting policies, including acceptable levels of return, riskandsecurity. After consultation with the secretary, the director of investmentsshall have the authority toinvest andreinvest moneys insuch fund and to acquire, retain, manage, including the exercise of anyvoting rights, and dispose of investments of such fund. In investing orreinvesting moneys in such fund, there shall be exercised the judgment andcare under the circumstances then prevailing which persons of prudence,discretion and intelligence exercise in the management of their ownaffairs, not in regard to speculation but in regard to the permanentdisposition of their funds, considering the probable income as well as theprobable safety of their capital,except that moneys in suchfund may not be invested in common stock.
Notwithstanding anything to the contrary, all interest or other income ofthe investments, after payment of any management fees, shall be consideredincome of the state highway fund.
History: L. 1989, ch. 209, § 11;L. 1996, ch. 254, § 13; May 23.