§ 28-42-77. Treasurer of interest fund — Bond — Investments.
(a) The general treasurer shall be custodian and treasurer of the interest fund. The general
treasurer shall have custody of all moneys belonging to the fund and not otherwise
held, deposited, or invested pursuant to chapters 42 — 44 of this title.
(b) The general treasurer shall give bond conditioned on the faithful performance of his
or her duties as custodian and treasurer of the fund, in a form prescribed by statute
and approved by the attorney general, and in an amount specified by the director and
approved by the governor. All premiums upon
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§ 28-42-77. Treasurer of interest fund — Bond — Investments.
(a) The general treasurer shall be custodian and treasurer of the interest fund. The general
treasurer shall have custody of all moneys belonging to the fund and not otherwise
held, deposited, or invested pursuant to chapters 42 — 44 of this title.
(b) The general treasurer shall give bond conditioned on the faithful performance of his
or her duties as custodian and treasurer of the fund, in a form prescribed by statute
and approved by the attorney general, and in an amount specified by the director and
approved by the governor. All premiums upon bonds required pursuant to this section
when furnished by an authorized surety company or by a duly constituted governmental
bonding fund shall be paid from the moneys in the employment security administration
account. The general treasurer shall deposit the moneys in his or her custody subject
to the provisions of chapters 42 — 44 of this title.
(c) The general treasurer, as the custodian of the fund, shall hold, invest, transfer,
sell, deposit, and release those moneys, properties, or securities in a manner approved
by the director in accordance with chapters 42 — 44 of this title; provided, that
those moneys shall be invested in the classes of securities legal for the investment
of public moneys of this state, and the investment shall at all times be so made that
all the assets of the interest fund shall always be readily convertible into cash
when needed for the expenditures specified in § 28-42-76. All investment earnings derived from interest fund balances shall be deposited into
a restricted-receipt account within the general fund and shall be exempt from the
provisions of § 35-4-27. These funds are to be used solely to pay for administrative expenses of the department
of labor and training.