§ 15-7-11 — Temporary transfer of money among funds administered

by risk management division. A. The director of the risk management division of the general services department may transfer money in accordance with this section among the following funds: (1) the local public body unemployment compensation reserve fund; (2) the public liability fund; (3) the public property reserve fund; (4) the state government unemployment compensation reserve fund; (5) the surety bond fund; (6) the workers' compensation retention fund; and (7) the group self-insurance fund. B. Money may be transferred among the funds specified in Subsection A of this section only upon the director's written certification that: (1) the money is required to maintain the financial stability and liquidity of the fund to which the money is to be transferred; (2) the money is not required to maintain the financial stability and liquidity of any fund from which the money is to be transferred; (3) the fund to which the money is to be transferred can reasonably be expected to have sufficient balances within one year of the date of the transfer to repay the amount transferred in full plus interest; and (4) all other requirements of this section will be fulfilled prior to transfer. C. The secretary of general services and the state board of finance shall approve in advance any transfer of money pursuant to this section. D. The total amount of money that may be transferred out of a particular fund shall not at any time exceed thirty percent of the total balance deposited in the fund, including any money owed to the fund pursuant to this section. E. Amounts of money transferred pursuant to this section shall be repaid to any fund from which transferred within one year from the date of transfer, together with interest. Interest shall be calculated on the basis of the average interest earned on money remaining in the fund during the duration of the transfer. F. If amounts owing any fund cannot be repaid in accordance with this section, the director of the risk management division shall so certify to the secretary of general services and to the state board of finance. Repayment shall then be made as soon as money becomes available therefor. G. Repayment of money to a particular fund shall not be deemed a transfer subject to the requirements of this section.

Legislative History

1978 Comp., § 15-7-11, enacted by Laws 1983, ch. 292, § 1; 1990, ch. 28, § 1;