(a)  The general treasurer shall deposit or place, subject to his or her order, for the use of the state, all of the funds of the state received by him or her, in such a safe and responsible bank or banks, or trust company or trust companies, within this state having a paid-in capital of not less than one hundred thousand dollars ($100,000), or with any safe and responsible institution within this state whose accounts are insured by any instrumentality of the United States government, as will give the greatest rate of interest therefor, and may, subject to the approval of the state investment commission as provided in chapter 10 of Title 35, purchase from time to time, for the investment of surplus funds, state bonds and United States government securities, and with state approval, dispose of bonds and securities when the funds are needed for the general purposes of the state, and all state bonds so purchased shall not become subject to the provisions of § 35-8-2.

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(b)  The state controller is hereby authorized and directed to draw his or her orders upon the general treasurer for such sums as may from time to time be required for the purchase of bonds and securities upon receipt by him or her of proper vouchers approved by the state investment commission.