| the concurrence of the State Controller or the Commissioner of |
| Administrative and Financial Services and with the consent of the |
| Governor, those amounts in bonds, notes, certificates of |
| indebtedness or other obligations of the United States and its |
agencies and instrumentalities that mature not more than 24 |
| months from the date of investment or in repurchase agreements |
| secured by obligations of the United States and its agencies and |
instrumentalities that mature within the succeeding 24 |
| prime commercial paper, tax-exempt obligations and corporate |
| bonds rated "AAA" that mature not more than 36 months from the |
| date of investment, banker's acceptances or shares of an |
| investment company registered under the federal Investment |
Company Act of 1940, whose shares are registered under the United |
States Securities Act of 1933 |
| load" money market mutual funds that maintain a constant share |
| price, only if the investments of the investment company are |
limited to obligations of the United States or any agency or |
instrumentality, corporate or otherwise, 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 |
| 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. |
