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Investments by County Treasurers
- A county treasurer may invest or reinvest any sum of money not necessary for current expenses in:
- obligations of the United States and its agencies;
- general obligations of this State or any of its political subdivisions;
- savings and loan associations if their deposits are insured by an agency of the
federal government;
- 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
- 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.
- 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.
- The State Treasurer may assist local governments in investing funds that are temporarily in excess
of operating needs.
- 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.
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