§ 19-3-512 — Estimate and investment of funds not needed for immediate cash requirements

(a) (1) No less than quarterly, the State Board of Finance in conjunction with the Chief Fiscal Officer of the State shall determine the amount of funds from the State Treasury available for deposit by the Treasurer of State into the State Treasury Certificate of Deposit Investment Program. (2) The board shall direct the investment of all moneys that exceed the cash requirements needed to satisfy outstanding warrants and other liquid obligations for the succeeding quarter. (b) (1) At least ten (10) days before making the determination required by subsection (a) of this section and after reviewing current holdings in the State Treasury and all available revenue forecasts, appropriations, expenditure budgets, year-to-date expenditure reports, prior year expenditure trends, and any other pertinent information, the Chief Fiscal Officer of the State shall advise the board of the estimated amount of cash reserves expected to be needed by the Treasurer of State to purchase warrants in the next fiscal quarter. (2) The board shall direct the Treasurer of State: (A) To purchase warrants in the next fiscal quarter; and (B) In the type and amount for deposit and investment of all holdings exceeding cash reserves for warrant purposes. (c) The Treasurer of State, acting ministerially, may do all things necessary to accomplish the purposes and intent of this section.

Legislative History

Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013. Acts 1997, No. 847, § 1.