72-1249.02 State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid. - Nebraska Statutes

72-1249.02. State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid.The State Investment Officer's Cash Fund is created. A pro rata share of the budget appropriated for the Nebraska Investment Council shall be charged to the income of each fund managed, and such charges shall be transferred to the State Investment Officer's Cash Fund. The allocation of charges may be made by any method determined to be reasonably related to actual costs incurred by the Nebraska Investment Council. Approval of the agencies and boards administering these funds shall not be required.It is the intent of this section to have funds managed by the state investment officer pay a pro rata share of the investment management expense when this is not prohibited by statute or the constitution.Management, custodial, and service costs which are a direct expense of state funds may be paid from the income of such funds when this is not prohibited by statute or the constitution. For purposes of this section, management, custodial, and service costs shall include, but not be limited to, investment counsel fees for managing assets, real estate mortgage loan service fees, real estate management fees, and custody fees for fund securities. All such fees shall be approved by the Nebraska Investment Council and the state investment officer. SourceLaws 1983, LB 468, § 1; Laws 1987, LB 31, § 2; Laws 1987, LB 786, § 1; Laws 2002, LB 407, § 20. AnnotationsThis section authorizes an investment officer to enter into contracts for investment management services. Myers v. Nebraska Invest. Council, 272 Neb. 669, 724 N.W.2d 776 (2006).