(1)It shall be the duty of the state treasurer to invest idle moneys in the state treasury in any of the following:
(a)Bonds, treasury bills, interest-bearing notes, or other obligations of the United States, or those for which the faith and credit of the United States are pledged for the payment of principal and interest.
(b)General obligation or revenue bonds of this state, or those for which the faith and credit of this state are pledged for the payment of principal and interest.
(c)General obligation or revenue bonds of any county, city, metropolitan water district, municipal utility district, school district, or other taxing district of this state.
(d)Notes, bonds, debentures, or other similar obligations issued by the farm credit system or institutions forming a part thereof und
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(1) It shall be the duty of the state treasurer to invest idle moneys in the state treasury in any of the following:
(a) Bonds, treasury bills, interest-bearing notes, or other obligations of the United States, or those for which the faith and credit of the United States are pledged for the payment of principal and interest.
(b) General obligation or revenue bonds of this state, or those for which the faith and credit of this state are pledged for the payment of principal and interest.
(c) General obligation or revenue bonds of any county, city, metropolitan water district, municipal utility district, school district, or other taxing district of this state.
(d) Notes, bonds, debentures, or other similar obligations issued by the farm credit system or institutions forming a part thereof under the farm credit act of 1971, 12 U.S.C. 2001-2259, and all acts of congress amendatory thereof or supplementary thereto; in bonds or debentures of the federal home loan bank board established under the federal home loan bank act, 12 U.S.C. 1421-1449; in bonds, debentures and other obligations of the federal national mortgage association established under the national housing act, 12 U.S.C. 1701-1750g, as amended, and in the bonds of any federal home loan bank established under said act and in other obligations issued or guaranteed by agencies or instrumentalities of the government of the state of Idaho or of the United States, including the United States small business administration guaranteed portion of any loan approved by an Idaho banking corporation and by the state treasurer.
(e) Bonds, notes or other similar obligations issued by public corporations of the state of Idaho including, but not limited to, the Idaho state building authority, the Idaho housing and finance association and the Idaho water resource board.
(f) Repurchase agreements covered by any legal investment for the state of Idaho.
(g) Tax anticipation notes and registered warrants of the state of Idaho.
(h) Tax anticipation bonds or notes and income and revenue anticipation bonds or notes of taxing districts of the state of Idaho.
(i) Time deposit accounts and savings accounts in state depositories including, but not limited to, accounts on which interest or dividends are paid and upon which negotiable orders of withdrawal may be drawn, and similar transaction accounts.
(j) Time deposit accounts and savings accounts of state or federal savings and loan associations located within the geographical boundaries of the state in amounts not to exceed the insurance provided by the federal deposit insurance corporation including, but not limited to, accounts on which interest or dividends are paid and upon which negotiable orders of withdrawal may be drawn, and similar transaction accounts.
(k) Revenue bonds of institutions of higher education of the state of Idaho.
(l) Share, savings and deposit accounts of state and federal credit unions located within the geographical boundaries of the state in amounts not to exceed the insurance provided by the national credit union share insurance fund and/or any other authorized deposit guaranty corporation, including, but not limited to, accounts on which interest or dividends are paid and upon which negotiable orders of withdrawal may be drawn, and similar transaction accounts.
(m) Money market funds whose portfolios consist of any allowed investment as specified in this section. The securities held in money market portfolios must be dollar-denominated, meaning that all principal and interest payments on such a security are payable to security holders in United States dollars.
(2) The term "idle moneys" means the balance of cash and other evidences of indebtedness that are accepted by banks as cash in the ordinary course of business, in demand deposit accounts, after taking into consideration all deposits and withdrawals, on a daily basis.
(3) The interest received on all such investments, unless otherwise specifically required by law, shall be paid into the general fund of the state of Idaho. Provided, unless otherwise specifically provided by statute, any interest earned on moneys received by the state pursuant to a federal law, regulation, or federal-state agreement that governs disposition of interest earned upon such moneys shall be accounted for separately to give effect to the federal law, regulation, or federal-state agreement.
(4) If the interest is to be credited to a separate fund, the state treasurer shall charge the fund an investment administration fee. The amount of the fee shall be determined annually by the state treasurer and submitted to the board of examiners for approval. The fee shall be expressed as an annual percentage of the average daily balance of the fund, including separate investments, if any, of that fund. The fee shall be charged monthly in an amount approximately one twelfth (1/12) of the fee that would be payable on an annual basis. The amount of the investment administration fee shall constitute an appropriation from the fund for which the investment administration services are rendered.
(5) The state treasurer shall charge an investment administration fee to each such state fund, including the general fund, that is invested by the office of state treasurer. The investment administration fee shall be determined annually by the state treasurer and submitted to the board of examiners for approval. The fee shall be expressed as an annual percentage of the average daily balance of the fund, including separate investments, if any, of that fund. The fee shall be charged monthly in an amount approximately one twelfth (1/12) of the fee that would be payable on an annual basis. The amount of the investment administration fee shall constitute an appropriation from the fund for which the investment administration services are rendered.
(6) The term "to invest" means to use the idle moneys in the state treasury to buy, sell, including selling before maturity at either a gain or a loss, retain, or exchange any of the investments described in this section, considering the probable safety of the capital, the probable income to be derived, and the liquidity of the assets.
[67-1210, added 1974, ch. 150, sec. 2, p. 1371; am. 1975, ch. 2, sec. 1, p. 5; am. 1976, ch. 42, sec. 20, p. 102; am. 1979, ch. 35, sec. 1, p. 51; am. 1980, ch. 83, sec. 1, p. 182; am. 1983, ch. 38, sec. 8, p. 93; am. 1985, ch. 155, sec. 1, p. 413; am. 1986, ch. 74, sec. 18, p. 229; am. 1986, ch. 88, sec. 2, p. 258; am. 1992, ch. 84, sec. 1, p. 266; am. 1993, ch. 310, sec. 2, p. 1143; am. 1994, ch. 402, sec. 1, p. 1265; am. 1997, ch. 221, sec. 1, p. 652; am. 1999, ch. 140, sec. 1, p. 401; am. 2002, ch. 37, sec. 1, p. 83; am. 2006, ch. 17, sec. 1, p. 66; am. 2016, ch. 167, sec. 3, p. 463; am. 2017, ch. 139, sec. 1, p. 331; am. 2020, ch. 30, sec. 2, p. 64; am. 2021, ch. 160, sec. 20, p. 454.]