LD 1819, Page 2 - 119th Legislature, FIRST REGULAR Session

of the United States or repurchase agreements secured by

obligations of the United States or any agency or instrumentality,

corporate or otherwise, of the United States. The Treasurer of

State may participate in the securities loan market by loaning

state-owned bonds, notes or certificates of indebtedness of the

Federal Government, only if loans are fully collateralized by

treasury bills or cash. The Treasurer of State shall seek

competitive bids for investments except when, after a reasonable

investigation, it appears that an investment of the desired

maturity is procurable by the State from only one source. Interest

earned on those investments of money must be credited to the

respective funds, except that interest earned on investments of

special revenue funds must be credited to the General Fund of the

State. Effective July 1, 1995, interest earned on investments of

the Highway Fund must be credited to the Highway Fund. Interest

earned on funds of the Department of Inland Fisheries and Wildlife

must be credited to the General Fund. Interest earned on funds of

the Baxter State Park Authority must be credited to the Baxter

State Park Fund. This section does not prevent the deposit for

safekeeping or custodial care of the securities of the several

funds of the State in banks or safe deposit companies in this State

or any other state, nor the deposit of state funds required by the

terms of custodial contracts or agreements negotiated in accordance

with the laws of this State. All custodial contracts and

agreements are subject to the approval of the Governor.

Sec. 2. 5 MRSA §150, first ś, as amended by PL 1975, c. 771, §46, is
further amended to read:

The Treasurer of State, with the approval of the Governor, may
negotiate a temporary loan or loans in anticipation of the
issuance of bonds authorized but not yet issued. In addition to
seeking temporary loans from private sources, the Treasurer of
State, with the approval of the Governor, when there is excess
money located in the State Treasury that is not needed to meet
current obligations, may make temporary loans from such money to
state departments or agencies in anticipation of the issuance of
bonds authorized but not yet issued. Such a temporary loan or
loans ~~shall~~ must be repaid from the proceeds of the bonds within
one year from the date of the loan.

Emergency clause. In view of the emergency cited in the preamble,
this Act takes effect when approved.

Amendments	Public Hearings	Committee Information
Other Documents	Work Sessions	Title & Section

Status for LD 1819	Search Bill Text	Session Information
Bill Directory	Search Bill Status	Legislative Information
Download MS-Word RTF	Search Bill Status	Maine Legislature

Office of Legislative Information 100 State House Station Augusta, ME 04333		voice: (207) 287-1692 fax: (207) 287-1580 tty: (207) 287-6826
Word Viewer for Windows		Disclaimer