§ 28-42-80 - Treasurer of tardy account fund – Bond – Investments.
SECTION 28-42-80
§ 28-42-80 Treasurer of tardy account fund– Bond – Investments. – (a) The general treasurer shall be custodian and treasurer of the tardy accountfund. 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 amount specified by the director and approved by the governor. All premiumsupon bonds required pursuant to this section when furnished by an authorizedsurety company or by a duly constituted governmental bonding fund shall be paidfrom the moneys in the employment security administration account. The generaltreasurer shall deposit the moneys in his or her custody subject to theprovisions 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. These moneys shall be invested in theclasses of securities legal for the investment of public moneys of this state.This investment shall at all times be so made that all the assets of the fundshall always be readily convertible into cash when needed for the expendituresspecified in § 28-42-79. All investment earnings derived from tardy fundbalances shall be deposited into a restricted receipt account within thegeneral fund and shall be exempt from the provisions of § 35-4-27. Thesefunds are to be used solely to pay for administrative expenses of thedepartment of labor and training.