33.577. Cash operating reserve fund, created--moneys deposited in fund--transfers from and to fund without legislative action, when--investment.

MISSOURI STATUTES AND CODES

33.577. Cash operating reserve fund, created--moneys deposited in fund--transfers from and to fund without legislative action, when--investment.

Cash operating reserve fund, created--moneys deposited infund--transfers from and to fund without legislative action,when--investment.

33.577. There is hereby established within the state treasury a fund tobe known as the "Cash Operating Reserve Fund". The following moneys shall betransferred to or credited to the cash operating reserve fund:

(1) An amount equivalent to the nonrecurring general revenues collectedby the provisions of section 144.081, RSMo, acceleration in general revenuefund sales tax receipts, and section 144.087, RSMo, deposit of cash bonds, orthirty-four million dollars, whichever is less. The amount provided by thissection will be deposited in the cash operating reserve fund prior to June 30,1985; and

(2) Such amounts as may be appropriated by the general assembly orotherwise credited to the cash operating reserve fund.

The commissioner of administration may, throughout any fiscal year, transferamounts from the cash operating reserve fund to the general revenue fundwithout other legislative action if he determines that such transfers arenecessary for the cash requirements of the state. The commissioner shalltransfer from the general revenue fund to the reserve an amount equal to theamount transferred from the reserve to the general revenue fund, but in anycase the transfer must be made prior to May first of the fiscal year. Notransfer out of the cash reserve may be made during May or June of any fiscalyear. The balance in the reserve on May first of each fiscal year shall notbe less than the sum of the opening balance of the reserve for that fiscalyear plus accrued interest earned. Funds in the reserve which are not neededfor current cash requirements of the state shall be invested by the treasurerin the same manner as other surplus funds are invested.