Arizona Laws 35-316. Investment pools; deduction; state treasurer’s operating fund
A. The state treasurer may establish and maintain investment pools for the collective investment of trust monies in this state.
Terms Used In Arizona Laws 35-316
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Operating monies: means those treasury monies the interest from which is paid to the state general fund. See Arizona Laws 35-310
- Permanent endowment funds: means those funds or any part of a fund, established by law, to retain trust monies, not wholly expendable by the beneficiary on a current basis. See Arizona Laws 35-310
- Trust monies: means treasury monies, other than operating monies, that are entrusted to the state treasurer for preservation and investment. See Arizona Laws 35-310
B. The state treasurer may deposit operating monies in the investment pools and receive into such pools any monies a state agency, county, city or town or any other political subdivision or public entity in this state may supply. When a depositor provides monies, the state treasurer may ask the depositor to specify the date or dates on which the monies will be withdrawn. All investment pools shall be invested by the state treasurer for such periods as will facilitate the highest return on the monies deposited and provide the required liquidity to the depositors.
C. The state treasurer shall compute on a monthly basis the rate of earnings on the investment pools for that month, and, except as provided in subsection D of this section, each depositor shall be credited with an amount determined by applying the calculated monthly rate to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited monthly promptly after calculation.
D. The state treasurer may deduct monthly a management fee not to exceed six-hundredths of one percent from the rate of earnings calculated pursuant to subsection C of this section on investment pools other than permanent endowment funds for the operating budget appropriated to the state treasurer’s office each fiscal year.
E. The state treasurer’s operating fund is established consisting of monies collected pursuant to subsection D of this section and Section 35-326.01. The state treasurer’s office shall administer the state treasurer’s operating fund. Monies in the fund are subject to legislative appropriation. Any management fees collected in excess of the amount appropriated to the state treasurer’s office from the state treasurer’s operating fund shall be deposited in the state general fund.