§ 28-42-89 - Employment security reemployment fund – Treasurer – Bond – Investments.
SECTION 28-42-89
§ 28-42-89 Employment securityreemployment fund – Treasurer – Bond – Investments. – (a) The general treasurer shall be custodian and treasurer of the employmentsecurity reemployment fund. The general treasurer shall have custody of allmoneys belonging to the fund and not otherwise held, deposited, or investedpursuant 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 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 this title.
(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. Those moneys shall be invested in the classes ofsecurities legal for investment of public moneys of this state, and theinvestment shall at all times be so made that all assets of the fund shallalways be readily convertible into cash when needed for the expendituresspecified in § 28-42-88.