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2020 New Hampshire Revised Statutes
Title I - The State and Its Government
Title 6 - State Treasurer and State Accounts
Section 6:8 - Investment of Funds.
Universal Citation: NH Rev Stat § 6:8 (2020)
6:8 Investment of Funds. –
I. All funds over which the state has exclusive control, aside from such sums of money as the treasurer may deem necessary to hold or deposit for meeting current expenses, shall be invested by the treasurer, with the approval of the governor and council, in obligations of the United States government, in obligations of any county government, municipal government, or district or division thereof within the state of New Hampshire, in obligations which are legal investments for depository banks pursuant to RSA 383-B:3-303, in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state.
II. The treasurer may also invest public funds in interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(b) The selected bank arranges for the redeposit of funds which exceed the federal deposit insurance limitation of the selected bank in deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such deposit for the account of the treasurer.
(e) On the same date that the funds are redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
I. All funds over which the state has exclusive control, aside from such sums of money as the treasurer may deem necessary to hold or deposit for meeting current expenses, shall be invested by the treasurer, with the approval of the governor and council, in obligations of the United States government, in obligations of any county government, municipal government, or district or division thereof within the state of New Hampshire, in obligations which are legal investments for depository banks pursuant to RSA 383-B:3-303, in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state.
II. The treasurer may also invest public funds in interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank chartered under the laws of New Hampshire or the federal government with a branch within the state, selected by the treasurer.
(b) The selected bank arranges for the redeposit of funds which exceed the federal deposit insurance limitation of the selected bank in deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such deposit for the account of the treasurer.
(e) On the same date that the funds are redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
Source. 1903, 125:2. PL 15:7. RL 22:7. RSA 6:8. 1969, 245:1. 1973, 224:1. 1991, 268:3. 1999, 1:3. 2001, 2:1. 2008, 120:3. 2010, 7:1, eff. July 3, 2010. 2013, 97:1, eff. Aug. 19, 2013. 2015, 272:46, eff. Oct. 1, 2015. 2016, 230:12, eff. Aug. 8, 2016.
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