(a) In addition to any other function, power, or duty imposed by law, the State Board of Finance shall establish, maintain, and enforce all policies and procedures concerning the management and investment of funds in the State Treasury and the State Treasury Money Management Trust, including without limitation:(1) Record keeping and reporting requirements that reflect:(A) Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and(B) The performance of all deposits and investments compared to the target rate of return established by the board;(2) A collateralization policy;(3) Eligibility requirements for a bank depository, an investment depository, a securities broker, and, before accepting an application to hire an investment consultant under subsection (c) of this section, an investment consultant;(4) An investment policy;(5) Liquidity requirements for the State Treasury; and(6) Qualifications, ethical standards, a conflict of interest policy, and criminal background check requirements that are no less stringent than the requirements of § 19-3-505 for all employees of the board or Treasurer of State who handle State Treasury funds or participate in decisions concerning the deposit or investment of State Treasury funds.
(1) Record keeping and reporting requirements that reflect:(A) Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and(B) The performance of all deposits and investments compared to the target rate of return established by the board;
(A) Daily, monthly, and year-to-date balances of all funds, accounts, and groups of accounts within the State Treasury; and
(B) The performance of all deposits and investments compared to the target rate of return established by the board;
(2) A collateralization policy;
(3) Eligibility requirements for a bank depository, an investment depository, a securities broker, and, before accepting an application to hire an investment consultant under subsection (c) of this section, an investment consultant;
(4) An investment policy;
(5) Liquidity requirements for the State Treasury; and
(6) Qualifications, ethical standards, a conflict of interest policy, and criminal background check requirements that are no less stringent than the requirements of § 19-3-505 for all employees of the board or Treasurer of State who handle State Treasury funds or participate in decisions concerning the deposit or investment of State Treasury funds.
(b) The board shall select the chief compliance officer within the Treasurer of State's office based upon nominations received from the Treasurer of State.
(c) The board may hire an investment consultant to examine the investment policies and investment practices for the State Treasury and make recommendations to the board, including without limitation recommendations concerning:(1) An appropriate range for asset allocation;(2) A target rate of return;(3) The propriety of using money managers and, if desired, recommendations concerning money managers; and(4) Adjustments to improve investment policies, investment allocations, or investment returns.
(1) An appropriate range for asset allocation;
(2) A target rate of return;
(3) The propriety of using money managers and, if desired, recommendations concerning money managers; and
(4) Adjustments to improve investment policies, investment allocations, or investment returns.
(d) The positions listed in subsections (b) and (c) of this section shall be funded by the appropriation for the Treasurer of State.
(e) The board may make, amend, adopt, and enforce rules and policies to regulate board procedure and execute board functions.
(f) The board shall supervise and administer the State and Public School Life and Health Insurance Program and carry out the duties set out under §§ 25-1-404 and 25-1-405.