STATE GOVERNMENT
AND STATE AFFAIRS
CHAPTER 12
STATE TREASURER
67-1210.Investment of idle moneys. It shall be the duty of the state treasurer
to invest idle moneys in the state treasury, other than moneys in
public endowment funds, in any of the following:
(a) Bonds,
treasury bills, interest-bearing notes, or other obligations of the
United States, or those for which the faith and credit of the United
States are pledged for the payment of principal and interest.
(b) General
obligation or revenue bonds of this state, or those for which the
faith and credit of this state are pledged for the payment of principal
and interest.
(c) General
obligation or revenue bonds of any county, city, metropolitan water
district, municipal utility district, school district or other taxing
district of this state.
(d) Notes,
bonds, debentures, or other similar obligations issued by the farm
credit system or institutions forming a part thereof under the farm
credit act of 1971, U.S.C., tit. 12, sections 2001-2259, and all acts
of congress amendatory thereof or supplementary thereto; in bonds
or debentures of the federal home loan bank board established under
the federal home loan bank act, U.S.C., tit. 12, sections 1421-1449;
in bonds, debentures and other obligations of the federal national
mortgage association established under the national housing act, U.S.C.,
tit. 12, sections 1701-1750g, as amended, and in the bonds of any
federal home loan bank established under said act and in other obligations
issued or guaranteed by agencies or instrumentalities of the government
of the state of Idaho or of the United States, including the United
States small business administration guaranteed portion of any loan
approved by an Idaho banking corporation and by the state treasurer.
(e) Bonds,
notes or other similar obligations issued by public corporations of
the state of Idaho including, but not limited to, the Idaho state
building authority, the Idaho housing authority and the Idaho water
resource board.
(f) Repurchase
agreements covered by any legal investment for the state of Idaho.
(g) Tax
anticipation notes and registered warrants of the state of Idaho.
(h) Tax
anticipation bonds or notes and income and revenue anticipation bonds
or notes of taxing districts of the state of Idaho.
(i) Time
deposit accounts and savings accounts in state depositories including,
but not limited to, accounts on which interest or dividends are paid
and upon which negotiable orders of withdrawal may be drawn, and similar
transaction accounts.
(j) Time
deposit accounts and savings accounts of state or federal savings
and loan associations located within the geographical boundaries of
the state in amounts not to exceed the insurance provided by the federal
savings and loan insurance corporation including, but not limited
to, accounts on which interest or dividends are paid and upon which
negotiable orders of withdrawal may be drawn, and similar transaction
accounts.
(k) Revenue
bonds of institutions of higher education of the state of Idaho.
(l) Share,
savings and deposit accounts of state and federal credit unions located
within the geographical boundaries of the state in amounts not to
exceed the insurance provided by the national credit union share insurance
fund and/or any other authorized deposit guaranty corporation, including,
but not limited to, accounts on which interest or dividends are paid
and upon which negotiable orders of withdrawal may be drawn, and similar
transaction accounts.
(m) Money
market funds whose portfolios consist of any allowed investment as
specified in this section. The securities held in money market portfolios
must be dollar-denominated, meaning that all principal and interest
payments on such a security are payable to security holders in United
States dollars.
The term "idle
moneys" means the balance of cash and other evidences of indebtedness
which are accepted by banks as cash in the ordinary course of business,
in demand deposit accounts, after taking into consideration all deposits
and withdrawals, on a daily basis.
The interest received
on all such investments, unless otherwise specifically required by
law, shall be paid into the general account of the state of Idaho.
Provided, unless otherwise specifically provided by statute, any interest
earned on funds received by the state pursuant to a federal law, regulation,
or federal-state agreement which governs disposition of interest earned
upon such funds shall be accounted for separately to give effect to
the federal law, regulation, or federal-state agreement.
If the interest is
to be credited to a separate account, the state treasurer shall charge
the account an investment administration fee. The amount of the fee
shall be determined annually by the state treasurer and submitted
to the board of examiners for approval as stipulated in section 67-3524, Idaho
Code. The fee shall be expressed as an annual percentage of the average
daily balance of the account, including separate investments, if any,
of that account. The fee shall be charged monthly in an amount approximately
one-twelfth (1/12) of the fee which would be payable on an annual
basis. The amount of the investment administration fee shall constitute
an appropriation from the account for which the investment administration
services are rendered. The state treasurer
shall charge an investment administration fee to each such state fund
or account, including the general account, which receives investment
income from investments administered by the office of state treasurer.
The investment administration fee shall be determined annually by
the state treasurer and submitted to the board of examiners for approval,
as stipulated in section 67-3524, Idaho
Code. The fee shall be expressed as an annual percentage of the average
daily balance of the fund or account, including separate investments,
if any, of that fund or account. The fee shall be charged monthly
in an amount approximately one-twelfth (1/12) of the fee which would
be payable on an annual basis. The amount of the investment administration
fee shall constitute an appropriation from the fund or account for
which the investment administration services are rendered. The term "to invest"
means to use the idle moneys in the state treasury to buy, sell, including
selling before maturity at either a gain or a loss, retain, or exchange
any of the investments described in this section, considering the
probable safety of the capital, the probable income to be derived,
and the liquidity of the assets.
Idaho Statutes