24.61 Authorized investments and loans.
457 words·~2 min read·
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24.61 Authorized investments and loans.
(1)Investments and loans; separate accounts. The board shall loan or invest moneys belonging to the trust funds as those moneys accumulate in the treasury. The board shall keep a separate account of all investments and loans from each fund.
(2)Investments.
(a)Authorized investments by board. The board shall manage and invest moneys belonging to the trust funds in good faith and with the care an ordinary prudent person in a like position would exercise under similar circumstances, in accordance with s. 112.11
(3).
(b)Manner for holding securities. All bonds, notes, and other instruments of indebtedness and securities purchased under par.
(a)shall be held in a manner determined by the board.
(c)Contracting with investment board. The board of commissioners of public lands may contract with the investment board to invest part or all of the moneys belonging to the trust funds. If the board of commissioners of public lands contracts with the investment board, the investment board may invest the moneys belonging to the trust funds in accordance with the investment board’s standard of responsibility specified in s. 25.15
(2). All moneys received by the investment board under this paragraph shall be credited to the appropriation account under s. 20.536
(k).
(cm)Investments in land in this state. Except as provided under s. 24.09
(bg), the board may not invest moneys in the purchase of any land under par.
(a)unless all of the following occur:
1. The land is within any applicable consolidation area approved by the board.
2. The total acreage of public lands managed by the board does not exceed the total acreage of public lands managed by the board on May 3, 2006.
3. The board determines that the purchase of the land will improve timberland management, address forest fragmentation, or increase public access to the land.
4. The moneys are in an account specified in s. 24.605 .
(3)Loans.
(a)Authorized loans. The board may loan moneys under its control or belonging to the trust funds to:
1. A school district by whatever name designated, to be used for any of the following:
a. The operation and maintenance of schools.
b. Erecting and remodeling school buildings and teacherages.
c. Purchasing teacherages, teacherage sites, schoolhouse sites, bus garage sites, transportation vehicles, bus garages, school equipment and school playgrounds.
d. Refunding any indebtedness incurred for a lawful purpose within constitutional limitations.
e. The purpose authorized by s. 67.04 .
f. Any purpose otherwise authorized by law.
2. A town, village, city or county as provided under s. 67.04 or otherwise authorized by law.
3. A technical college district as provided under s. 67.04 or otherwise authorized by law.