17-5-1641. Investment. (1) Unless otherwise required by a resolution or agreement of the board, the board may invest funds coming under its control pursuant to this part in the same manner as permitted for investment of funds belonging to the state or held by the state treasurer.
(2) Funds from several or all accounts may be combined for investment, and any interest earned shall be prorated and credited to the various contributing accounts on the basis of the amounts thereof invested, calculated according to an average periodic balance or other generally accepted accounting principle. Such proration must be calculated at least once a year or upon a specific request made to the board.
(3) All securities purchased by the board as an investment remain in the custody of the state treasurer until the same are sold, exchanged, retired, or mature and are paid.
History: En. Sec. 23, Ch. 620, L. 1983.
Structure Montana Code Annotated
Part 16. Municipal Finance Consolidation Act
17-5-1603. Liberal construction
17-5-1605. Board of investments to implement
17-5-1606. Bonds, bond anticipation notes, and notes of the board
17-5-1607. Participation voluntary
17-5-1608. Limitations on amounts
17-5-1609. Purchase of anticipation notes
17-5-1610. Refunding obligations
17-5-1611. Additional powers of the board
17-5-1612. Specific loan authorization
17-5-1613. through 17-5-1620 reserved
17-5-1621. Provisions of bond resolutions
17-5-1623. Nonimpairment by state
17-5-1625. Presumption of validity
17-5-1626. Signatures of board members
17-5-1627. Negotiability of bonds or notes
17-5-1628. Bonds or notes as legal investments
17-5-1629. Tax exemption of bonds
17-5-1631. Additional funds and accounts
17-5-1632. through 17-5-1640 reserved
17-5-1642. Credit of state not pledged
17-5-1643. Sale or exchange of securities
17-5-1644. Care and custody of bonds purchased by the board
17-5-1645. Insurance or guaranty
17-5-1647. Powers and duties of trustee on default