(a) The state-supported institutions of higher education may determine the depositories and the nature of investments of any of their cash funds that are not currently needed for operating purposes. In making these determinations, these state-supported institutions of higher education shall seek to obtain the highest possible rate of return for their investments.
(b) All cash fund agencies other than the state-supported institutions of higher education shall request and abide by the recommendations of the State Board of Finance as to the best investment decisions for any idle cash balances.