This part 9 shall be known and may be cited as the “Funds Management Act of 1986”. Source: L. 86: Entire part R&RE, p. 967, § 1, effective July 1. Editor’s note: This section is similar to former § 24-75-901 as it existed prior to 1986.
The general assembly hereby finds and declares that, since the state currently experiences and may hereafter experience fluctuations in revenues and expenditures and temporary cash flow deficits resulting in the temporary inability to pay proper expenses from currently budgeted and appropriated revenues of its various funds and since the state must maintain its reputation for […]
As used in this part 9, unless the context otherwise requires: “Book entry” means a form of issuance under which no physical instrument is issued and the rights to principal and interest payments are evidenced by and may be transferred only through a bookkeeping entry in a central registry. (1.5) “Expenditure” means any cash expenditure […]
In computing the amount of revenue in a particular fund, there shall not be considered the proceeds of any note or other borrowing credited to such fund or any income from the investment of revenue or of such proceeds. Likewise, in computing the amount of expenditure in a particular fund, there shall not be considered […]
The state treasurer, on behalf of the state, may, by resolution, issue from time to time and sell notes payable from the anticipated revenue of any fund in order to accomplish any of the purposes of this part 9. The proceeds of the notes may be applied for the payment of the costs of issuing […]
The principal amount of notes payable from any fund shall be limited to fifty percent of the amount of revenue anticipated but not yet credited to the fund for the applicable fiscal year. Source: L. 86: Entire part R&RE, p. 969, § 1, effective July 1. Editor’s note: This section is similar to former § […]
Notes shall be issued in a form consistent with the provisions of this part 9, describing the fund and the revenue from which such notes are payable; shall mature not later than three days before the last day of the fiscal year in which the same were issued; shall bear interest, if any, at a […]
The notes shall be signed on behalf of the state by the state treasurer and countersigned by the controller, and the seal of the state treasurer shall be affixed thereto; except that no such signatures or seal shall be required if the notes are issued in book entry form pursuant to section 24-75-907 (1). The […]
Notes may be sold at public or private sale and may be sold at, above, or below par. Source: L. 86: Entire part R&RE, p. 970, § 1, effective July 1. Editor’s note: This section is similar to former § 24-75-909 as it existed prior to 1986.
The state treasurer may invest and reinvest the proceeds of the notes in any securities which are legal investments for the fund from which the notes are payable or may deposit such proceeds in any eligible public depository. Notwithstanding the provisions of any other statute to the contrary, the income from any such investment or […]
Notes shall be payable solely from the revenues pledged thereto, and the owners or holders of the notes may not look to any other source for repayment of the principal of or interest on the notes. In every case, the revenues pledged shall be those which are the subject of appropriation for the current fiscal […]
Notwithstanding the provisions of any other statute to the contrary, notes meeting the investment requirements established in part 6 of this article shall be legal investments for any political subdivision or public body of the state and shall be eligible for use as collateral for deposits of public funds. Source: L. 86: Entire part R&RE, […]
The powers conferred by this part 9 shall constitute an additional and separate grant of powers for the issuance and payment of the notes and all other acts in connection therewith authorized by this part 9. The powers conferred by this part 9 are in addition to any other powers conferred by statute. If there […]
The state auditor shall annually prepare and submit a report to the legislative audit committee and to the finance committees of the senate and the house of representatives, which shall include, but need not be limited to, a review and analysis of the sales, purchases, and rates of any notes issued under this part 9 […]
The repeal and reenactment of this part 9, effective July 1, 1986, shall not affect the validity of any notes or any agreements in connection with such notes issued by the state treasurer pursuant to the authority contained in this part 9 prior to July 1, 1986. Source: L. 86: Entire part R&RE, p. 970, […]
