§7-6-5a. County treasurer authorized to make funds available to
state board of investments; allocation of income.
Notwithstanding any other provision of this code, when it
appears to any of the various fiscal bodies of the county that
funds on deposit in its demand deposit account exceed the current
requirements or demands, and it further be determined by the county
treasurer that the available interest rate offered by an acceptable
depository in such treasurer's county be less than the interest
rate, net of administrative fees referred to in article six,
chapter twelve of this code, offered it through the state board of
investments, the county treasurer may, with the approval in writing
of each fiscal body whose funds are involved, make such funds
available to the state board of investments for investment in
accordance with the provisions of said article six, chapter twelve
of the code.
Any income earned on such investment shall be allocated by
such treasurer to the fiscal body whose funds were made available,
such allocation to be made in accordance with the accounting and
allocation principles established by the board of investments.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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