(A) A county treasurer may invest or reinvest any sum of money not necessary for current expenses in:
(1) obligations of the United States and its agencies;
(2) general obligations of this State or any of its political subdivisions;
(3) savings and loan associations if their deposits are insured by an agency of the federal government;
(4) certificates of deposit where the certificates are collaterally secured by securities of type described in items (1) and (2) of this subsection held by the third party as escrow agent or custodian, of a market value not less than the amount of the certificates of deposit so secured, including interest, but the collateral is not required to the extent the certificates of deposit are insured by an agency of the federal government; or
(5) no load open-end or closed-end management type investment companies or investment trusts registered under the Investment Company Act of 1940, as amended, where the investment is made by a bank or trust company or savings and loan association or other financial institution when acting as trustee or agent for a bond or other debt issue of that county treasurer, if the particular portfolio of the investment company or investment trust in which the investment is (i) limited to obligations described in items (1) and (2) of this subsection, and (ii) have among its objectives the attempt to maintain a constant net asset value of one dollar a share and to that end, value its assets by the amortized cost method. The portfolio may also consist of repurchase agreements when collateralized by obligations described in items (1) and (2) of this subsection.
(B) The governing body may delegate the investment authority provided above to the county treasurer who shall assume full responsibility for the investment transactions until the delegation of authority terminates or is revoked.
(C) The State Treasurer may assist local governments in investing funds that are temporarily in excess of operating needs.
(D) All interest and other earnings, when collected, must be added to the fund and paid out as other funds of the same sort are paid.
HISTORY: 1962 Code Section 65-2014; 1952 Code Section 65-2014; 1942 Code Section 2780; 1932 Code Section 2803; Civ. C. '22 Section 502; Civ. C. '12 Section 451; 1909 (26) 166; 1959 (51) 111; 1967 (55) 59, 493; 1990 Act No. 326, Section 2.