§ 28-42-77 - Treasurer of interest fund – Bond – Investments.
SECTION 28-42-77
§ 28-42-77 Treasurer of interest fund– Bond – Investments. – (a) The general treasurer shall be custodian and treasurer of the interestfund. The general treasurer shall have custody of all moneys belonging to thefund and not otherwise held, deposited, or invested pursuant to chapters 42– 44 of this title.
(b) The general treasurer shall give bond conditioned on thefaithful performance of his or her duties as custodian and treasurer of thefund, in a form prescribed by statute and approved by the attorney general, andin an amount specified by the director and approved by the governor. Allpremiums upon bonds required pursuant to this section when furnished by anauthorized surety company or by a duly constituted governmental bonding fundshall be paid from the moneys in the employment security administrationaccount. The general treasurer shall deposit the moneys in his or her custodysubject to the provisions of chapters 42 – 44 of this title.
(c) The general treasurer, as the custodian of the fund,shall hold, invest, transfer, sell, deposit, and release those moneys,properties, or securities in a manner approved by the director in accordancewith chapters 42 – 44 of this title; provided, that those moneys shall beinvested in the classes of securities legal for the investment of public moneysof this state, and the investment shall at all times be so made that all theassets of the interest fund shall always be readily convertible into cash whenneeded for the expenditures specified in § 28-42-76. All investmentearnings derived from interest fund balances shall be deposited into arestricted receipt account within the general fund and shall be exempt from theprovisions of § 35-4-27. These funds are to be used solely to pay foradministrative expenses of the department of labor and training.