| The Treasurer of State may deposit the money, including trust |
| funds of the State, in any national bank or in any banking |
| institution, trust company, state or federal savings and loan |
| association or mutual savings bank organized under the laws of |
| this State or having a location in the State except as provided |
| in chapter 161. Before making a deposit, the Treasurer of State |
| must consider the rating of the banking institution, trust |
| company, state or federal savings and loan association or mutual |
| savings bank on its most recent assessment conducted pursuant to |
| the federal Community Reinvestment Act, 12 United States Code, |
| Section 2901. When there is excess money in the State Treasury |
| that is not needed to meet current obligations, the Treasurer of |
| State may invest, with 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 36 months from the date of investment or in repurchase |
| agreements that mature within the succeeding 12 months that are |
| secured by obligations of the United States and its agencies and |
instrumentalities that mature within the succeeding 36 months |
| 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 so-called "no-load" |
shares of an |
Investment Company Act of 1940, whose shares are marketed through |
so-called "no-load" money market mutual funds that maintain a |
constant share price, only if the investments of the investment |
company are limited to the securities allowed by this section |
| amended, that complies with Rule 2a-7 guidelines and maintains a |
| constant share price. The 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 |
