§ 23-7-7 — Administration and Operations of Bank

(a) Earnings on balances in the federal highway account, as created by this chapter, must be credited and invested according to federal law. The bank may establish accounts and subaccounts within the state highway account and the federal highway account as considered desirable to effectuate the purposes of this chapter, or to meet the requirements of any state or federal programs.
(b) The bank shall comply with all applicable federal laws and regulations prohibiting the commingling of certain federal funds deposited in the bank.
(c) The operations of the bank shall be administered by the department, as agent for the bank, and the department may establish procedures and adopt rules necessary to administer the operations of the bank in accordance with applicable law and to enter into contracts and other agreements in connection with the operation of the bank including, but not limited to, contracts and agreements with federal agencies, public bodies, the bank, and other parties to the extent necessary or convenient for administration of the bank’s operations. Except as provided in this chapter, acting as agent for the bank, the department shall maintain full authority for the administration of the bank’s operations in accordance with applicable federal and state law.

Legislative History

(Act 2015-50, p. 173, §7; Act 2018-290, §1.)