§ 11A.20 — Investment of State Treasury Funds Not Currently Needed
Plain-Language Summary
This section authorizes the State Board of Investment to invest state treasury funds that are not currently needed to pay the state's bills. Rather than leaving idle cash in a non-interest-bearing account, the board can invest it in short-term securities to earn income for the state. The investments must be safe and liquid so the money is available when needed.
11A.20 INVESTMENT OF STATE TREASURY FUNDS NOT CURRENTLY NEEDED.
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Subdivision 1.Certification.
When there are funds in the state treasury over and above the amount that the commissioner of management and budget has determined are currently needed, the commissioner shall certify to the state board the amount thereof. §
Subd. 2.Investment.
The certified amount of state treasury funds not currently needed shall be invested by the state board subject to the provisions of section 11A.25. §
Subd. 3.Crediting of investment income.
Notwithstanding provisions of section 11A.12, all investment income and all investment losses attributable to the investment of state treasury funds, other than the game and fish fund, not currently needed shall be credited to the general fund.
History:
1980 c 607 art 14 s 18; 1981 c 356 s 254; 1Sp1985 c 13 s 77; 2009 c 101 art 2 s 109
History: History: 1980 c 607 art 14 s 18; 1981 c 356 s 254; 1Sp1985 c 13 s 77; 2009 c 101 art 2 s 109