§ 28-42-85 - Job development fund – Treasurer – Bond – Investments.
SECTION 28-42-85
§ 28-42-85 Job development fund –Treasurer – Bond – Investments. – (a) The general treasurer shall be custodian and treasurer of the jobdevelopment fund. The general treasurer shall have custody of all moneysbelonging to the fund. The general treasurer shall have custody of all moneysbelonging to the fund and not otherwise held, deposited, or invested pursuantto chapters 42 – 44 of this title, and chapter 102 of title 42.
(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 governor. All premiums upon the bond requiredpursuant to this section when furnished by an authorized surety company or by aduly constituted governmental bonding fund shall be paid from the moneys in theemployment security administration account. The general treasurer shall depositthe moneys in his or her custody subject to chapters 42 – 44 of thistitle, and chapter 102 of title 42.
(c) The general treasurer, as custodian of the fund, shallhold, invest, transfer, sell, deposit, and release those moneys, properties, orsecurities in a manner approved by the governor in accordance with chapters 42– 44 of this title, and chapter 102 of title 42. Those moneys shall beinvested in the classes of securities legal for investment of public moneys ofthis state, and the investment shall at all times be so made that all assets ofthe fund shall always be readily convertible into cash when needed for theexpenditures specified in § 28-42-84. All investment earnings derived fromjob development fund balances shall be deposited into a restricted receiptaccount within the general fund and shall be exempt from the provisions of§ 35-4-27.