Department of Administration, Treasury Division : Fiscal Year Ended June 30, ... 1980

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Response : We do not feel that this is a problem. However, we will research and study the area and take all the security measurers possible to prevent any misuse or lack of responsibility. It is a safe and fast way to transfer money and we feel it should be used to its full capacity.
B. Collateral Investments The Treasurers Office is responsible under the direction of the Board of Investments to deposit public monies into solvent banks. Building and Loan Associations and Saving and Loan Associa
...tions located in the state. All deposits in excess of the amount Insured by the Federal Deposit Insurance Corporation shall be collaterized by securities having a market value at least equal to 50% of the amount of the deposits so Insured. The 1979 Legislature changed the pledging requirments and allowed the State Treasurer to accept mortgages and trust indentures for state funds. The State Treasurer has set adequate procedures for pledging the mortgages and for. reporting on their balances on a quarterly basis.

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