There is a newer version of this Statute
2023
2022
2021
2020
2019
Other previous versions
View our newest version here

2017 Nebraska Revised Statutes
Chapter 72 - PUBLIC LANDS, BUILDINGS, AND FUNDS
72-1249.02 State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid.

Universal Citation: NE Code § 72-1249.02 (2017)
Previous Next

72-1249.02. State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid.

The State Investment Officer's Cash Fund is created. A pro rata share of the budget appropriated for the council shall be charged to the income of each fund managed, and such charges shall be transferred to the State Investment Officer's Cash Fund. The allocation of charges may be made by any method determined to be reasonably related to actual costs incurred by the council. Approval of the agencies and boards administering these funds shall not be required.

It is the intent of this section to have funds managed by the state investment officer pay a pro rata share of the investment management expense when this is not prohibited by statute or the constitution.

Management, custodial, and service costs which are a direct expense of state funds may be paid from the income of such funds when this is not prohibited by statute or the Constitution of Nebraska. For purposes of this section, management, custodial, and service costs shall include, but not be limited to, investment counsel fees for managing assets, real estate mortgage loan service fees, real estate management fees, and custody fees for fund securities. All such fees shall be approved by the council and the state investment officer.

Beginning on March 31, 2016, a pro rata share of the budget appropriated for the council shall be charged to the income of the Class V School Employees Retirement Fund, and such charges shall be transferred to the State Investment Officer's Cash Fund. The allocation of charges among a retirement system provided for under the Class V School Employees Retirement Act and the other funds managed by the council may be made by any method determined to be reasonably related to actual costs incurred by the council. Approval of the board of education as defined in section 79-978 and the board of trustees provided for in section 79-980 shall not be required.

Source

  • Laws 1983, LB 468, § 1;
  • Laws 1987, LB 31, § 2;
  • Laws 1987, LB 786, § 1;
  • Laws 2002, LB 407, § 20;
  • Laws 2016, LB447, § 7.

Cross References

  • Class V School Employees Retirement Act, see section 79-978.01.

Annotations

  • This section authorizes an investment officer to enter into contracts for investment management services. Myers v. Nebraska Invest. Council, 272 Neb. 669, 724 N.W.2d 776 (2006).

Previous Next
Disclaimer: These codes may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.