§ 51-7-5 — Public Treasurers' Investment Fund -- Transfer of public funds not otherwise required to be transferred to state treasurer -- Duties of public treasurers -- Withdrawals of transferred funds -- Reporting.

(1) Any public funds as to which the deposit, investment, or reinvestment is not transferred to the state treasurer by Section 51-7-4, may be transferred to the Public Treasurers' Investment Fund by the public treasurer having responsibility for the control or management of these public funds.
(2) Notwithstanding the transfer, the public treasurer shall retain sufficient funds to cover the cash requirements of the body owning or having control or management of these funds and shall continue to be responsible for the proper collection, deposit, and disbursement of these funds in the manner provided by law.
(3) The public funds transferred or placed under the control or supervision of the state treasurer under this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the state treasurer until the public treasurer withdraws these public funds from the state treasurer.
(4) Withdrawals may be made from time to time on such reasonable notice as the state treasurer may prescribe.
(5) The public treasurer may withdraw all or any part of the public funds originally transferred to the state treasurer, subject to any rules as to the maximum amounts which may be withdrawn at any one time as the state treasurer may reasonably prescribe.
(6) On or before October 31 of each calendar year, the state treasurer shall report to the Political Subdivisions Interim Committee the current balance as of June 30 for each entity that has transferred money to the Public Treasurers' Investment Fund.

Legislative History

Amended by Chapter 387, 2024 General Session