6:01:02:01.  Setting rates. The investment council shall set the rates to be paid the state for its funds invested in certificates of deposit in South Dakota qualified public depositories. The investment council shall establish the date and time to be used for setting the rate at a regularly scheduled investment council meeting. The rate shall be based on a U.S. treasury note, federal agency note, or other financial instrument matching the term of the certificate of deposit.

          Source: SL 1975, ch 16, § 1; 28 SDR 88, effective December 16, 2001; 36 SDR 27, effective August 26, 2009; 40 SDR 223, effective June 23, 2014.

          General Authority: SDCL 4-5-28.

          Law Implemented: SDCL 4-5-28.