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.
ANNOTATIONSInterest accrues to fund on which paid and not to general fund. — The general rule is that interest earned by the investment of a special fund is an increment which accrues to the special fund and not to the general funds of the state or other public body. 1958 Op. Att'y Gen. No. 58-149.
Interest earned on principal in game protection fund is credited to general fund. 1980 Op. Att'y Gen. No. 80-17.