§ 62-89.1a. Investment with state financial institutions at less than competitive market rate.

In order to help provide for the capital needs of this state, the State Treasurer may invest monies at less than competitive market rates with financial institutions of this state.  Not more than ten percent (10%) of all monies available to the State Treasurer for investment purposes or One Hundred Million Dollars ($100,000,000.00), whichever is less, shall be invested as provided for in this section.  Such investments shall earn not less than the rate for comparable maturities on United States Treasury obligations.

Provided, no more than Ten Million Dollars ($10,000,000.00) of monies specified in this section shall be invested in any one financial institution and no monies specified in this section shall be invested in a financial institution that has a loan-to-deposit ratio of less than fifty percent (50%).

Added by Laws 1987, c. 194, § 4, operative July 1, 1987.