§ 35-4-5 - Deposit of funds – Purchase of bonds and securities.
SECTION 35-4-5
§ 35-4-5 Deposit of funds – Purchaseof bonds and securities. – (a) The general treasurer shall deposit or place, subject to his or her order,for the use of the state, all of the funds of the state received by him or her,in such a safe and responsible bank or banks, or trust company or trustcompanies, within this state having a paid-in capital of not less than onehundred thousand dollars ($100,000), or with any safe and responsibleinstitution within this state whose accounts are insured by any instrumentalityof the United States government, as will give the greatest rate of interesttherefor, and may, subject to the approval of the state investment commissionas provided in chapter 10 of title 35, purchase from time to time, for theinvestment of surplus funds, state bonds and United States governmentsecurities, and with state approval, dispose of bonds and securities when thefunds are needed for the general purposes of the state, and all state bonds sopurchased shall not become subject to the provisions of § 35-8-2.
(b) The state controller is hereby authorized and directed todraw his or her orders upon the general treasurer for such sums as may fromtime to time be required for the purchase of bonds and securities upon receiptby him or her of proper vouchers approved by the state investment commission.