SB 2569

Present law establishes the pooled investment fund (the "fund"") for the purpose of receiving and investing any money in the custody of any officer of the state unless prohibited by statute to be invested. The state treasurer must administer the fund on behalf of the participants and establish a revolving account, under the state treasurer's custody, to defray administrative costs of the fund. The state treasurer may deduct from each participant's pro rata earnings through the fund a reasonable charge for a dministering the fund. If the state treasurer does deduct an administrative fee, it must be deposited and expended through the revolving account. O n or before June 30 of each year, this bill requires the state treasurer to allocate and deposit 10% of the investment income earned by the fund in that fiscal year to the state highway fund."