6-10-25. Declaration of policy.
88 words·~1 min read·
/nm/chapter-6-public-finances/article-10-public-money/6-10-25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All moneys of the state, except permanent funds and income derived therefrom and those funds the investment of which is otherwise authorized by law, not needed to meet expenses of state government for the ensuing quarter year should be invested in interest-bearing time deposits or short-term United States government securities. No funds other than those necessary to meet expenses should be permitted to remain in noninterest-bearing accounts in state depositories.
History: 1953 Comp., § 11-2-25.1, enacted by Laws 1955, ch. 140, § 1; 1967, ch. 211, § 1.