1-16H-18. Investment of funds.
The authority may invest any funds not needed for immediate investment in the following:
(1)Bonds, notes, certificates of indebtedness, treasury bills, or other securities constituting direct obligations of, or obligations the principal of and interest on which are fully guaranteed or insured by, the United States of America;
(2)Obligations issued by or obligations the principal of and interest on which are fully guaranteed or insured by any agency or instrumentality of the United States of America;
(3)Certificates of deposit or time deposits constituting direct obligations of any bank which is a qualified public depository or any savings and loan association which is a savings and loan depository under the Public Deposit Insurance Act pursuant to chapter 4-6A, unless sufficient volume of such certificates is not available at competitive interest rates. In that event, the authority may purchase noncollateralized direct obligations of any bank or savings institution or holding company if such institution or holding company is rated in the highest two quality categories by a nationally recognized rating agency;
(4)Obligations of any solvent insurance company or other corporation or business entity existing under the laws of the United States or any state thereof, if the obligation of the insurance company or other corporation or business entity is rated in the two highest classifications established by a standard rating service of insurance companies or a nationally recognized rating agency;
(5)Short term discount obligations of the Federal National Mortgage Association;
(6)Obligations issued by any state of the United States or any political subdivision, public instrumentality, or public authority of any state of the United States, which obligations are not callable before the date the principal thereof will be required to be paid and which obligations are fully secured as to both sufficiency and timely payment by, and payable solely from, securities described in subdivision (1) and which obligations are rated in the highest investment classification by at least two standard rating services of such obligations.
Any securities may be purchased at the offering or market price thereof at the time of the purchase. All securities so purchased shall mature or be redeemable on a date or dates prior to the time when, in the judgment of the authority, the funds so invested will be required for expenditure. The express judgment of the authority as to the time when any funds will be required for expenditure or be redeemable is final and conclusive. Investment in any obligation enumerated in this section may be made either directly or in the form of securities of, or other interests in, an investment company registered under the Federal Investment Act of 1940, whose shares are registered under the Federal Securities Act of 1933, and whose investments are limited to these obligations.
Source: SL 2004, ch 15, §18.
Structure South Dakota Codified Laws
Title 1 - State Affairs and Government
Chapter 16H - Science And Technology Authority
Section 1-16H-1 - Legislative findings.
Section 1-16H-2 - Purpose of authority.
Section 1-16H-3 - Definitions.
Section 1-16H-4 - Science and Technology Authority created.
Section 1-16H-5 - Board of directors--Appointment and terms.
Section 1-16H-6 - Removal of members--Grounds.
Section 1-16H-7 - Compensation of members--Reimbursement of expenses.
Section 1-16H-8 - Oath of office.
Section 1-16H-9 - Executive director, agents, and employees--Duties--Compensation.
Section 1-16H-10 - Meetings of the board.
Section 1-16H-11 - Quorum--Vote required for action.
Section 1-16H-13 - Open meetings--Notice.
Section 1-16H-14 - Record of proceedings--Filings--Copies--Certification.
Section 1-16H-15 - Powers and duties of authority.
Section 1-16H-16 - Promulgation of rules.
Section 1-16H-17 - Loans and grants made by authority.
Section 1-16H-18 - Investment of funds.
Section 1-16H-18.1 - Investment of funds with State Investment Council.
Section 1-16H-19 - Issuance of bonds, notes, or other evidence of indebtedness.
Section 1-16H-23 - Pledge of revenues from lease or loan agreement--Trust agreement.
Section 1-16H-25 - Pledge by state not to impair rights and remedies of holders of bonds and notes.
Section 1-16H-29 - Title to projects.
Section 1-16H-30 - Acquisition of property.
Section 1-16H-31 - Acquisition, improvement, maintenance, and decommissioning of projects.
Section 1-16H-31.1 - Subsurface property defined.
Section 1-16H-31.3 - Declaration of taking--Contents.
Section 1-16H-31.4 - Effective date of condemnation and right to just compensation.
Section 1-16H-31.6 - Service or mailing of copy of declaration of taking and amendments.
Section 1-16H-31.7 - Amendments to the declaration of taking--Filing.
Section 1-16H-32 - Intergovernmental agreements.
Section 1-16H-33 - Sharing of agency employees.
Section 1-16H-34 - Inapplicability of § 5-2-19.
Section 1-16H-35 - Transfer or exchange of property with other state agencies.
Section 1-16H-36 - Designation of depositories.
Section 1-16H-37 - Tax exemption of authority.
Section 1-16H-38 - Authority reports to Governor's Office of Economic Development.
Section 1-16H-39 - Informational budget.
Section 1-16H-40 - Transfer of functions and programs of Homestake Laboratory Conversion Project.
Section 1-16H-41 - Homestake Mine donation.
Section 1-16H-42 - Severability of provisions.
Section 1-16H-43 - Immunity from liability for condition or use of certain donated property.
Section 1-16H-44 - Property tax exemption for certain leased property in Lawrence County.