§ 9-12-111 — Investment and management of funds; audit

(a) Except as otherwise provided in this act, the council
may invest funds not required for immediate disbursement in
securities in which state funds may be invested as provided by
law, sell securities it has purchased and deposit securities in
any financial institution. Funds deposited in financial
institutions shall be secured by obligations authorized as
permissible security for state investments. In investing and
managing its funds, the council shall exercise the judgment and
care which persons of prudence, discretion and intelligence
would exercise under similar circumstances in managing the
permanent disposition of their funds, considering the probable
income and the probable safety of their capital.
(b) The director of the department of audit or his
designee shall conduct an audit of the books and accounts of the
council. The examination shall include a financial and
compliance audit of the council's operations as the examiner
deems appropriate. The audit shall be conducted at least once in
each year and copies of the audit report shall be filed with the
secretary of state, the joint minerals, business and economic
development committee and the legislative service office.