§ 18-7A-19 — Custody of funds; disbursements; bond of custodian; annual statement

The State Treasurer shall be the custodian of the funds and securities of the retirement system. Disbursements from the funds of the retirement system shall be made by the custodian only upon warrants signed by a member or members of the retirement board, or an official thereof, authorized to do so by resolution of the retirement board. The State Treasurer shall give a separate and additional bond in such amount as may be fixed by the Governor for the faithful performance of the duties as custodian of the retirement system. Such bond shall be approved by the Governor and filed in the same office as are the bonds of other state officers. The cost of such bond shall be paid from the expense fund.

The custodian shall furnish annually to the retirement board a sworn statement of the amount of the funds in his custody belonging to the retirement system.

Legislative History

1941 Reg. Sess., HB272