Sec. 3-39b. Interest earnings on funds.

132 words·~1 min read·/ct/title-3/chapter-32-treasurer/3-39b

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any state funds invested by the Treasurer shall be for the benefit of the General Fund and all interest earned on such funds shall be credited to the General Fund unless:

(1)Otherwise provided by a state statute or bond indenture,

(2)a written application is made by the head of any state department, institution, board, commission or other state agency citing a court order, federal regulation, terms of a grant or donation or other unusual circumstance, provided the Treasurer may file with the State Comptroller and the Auditors of Public Accounts any exception to such application, or

(3)the Treasurer deems that it is in the best interest of the state that the investment of such funds and any earning therefrom be for the benefit of and credited to another fund.