80-401 Nebraska Veterans' Aid Fund; Veterans' Aid Income Fund; created; purpose; investment; management; duties of state officers. - Nebraska Statutes

80-401. Nebraska Veterans' Aid Fund; Veterans' Aid Income Fund; created; purpose; investment; management; duties of state officers.There is hereby established a fund to be known as the Nebraska Veterans' Aid Fund. The Board of Educational Lands and Funds is directed to purchase bonds or notes issued by the government of the United States or the State of Nebraska, or any county, school district, or municipality therein, with a face value of twelve million dollars, as of August 1, 1984, to carry out sections 80-401 to 80-405 and to place them in the custody and control of the State Treasurer of the State of Nebraska under the same conditions as other state money.Such fund shall be managed as follows: (1) When necessary to pay a premium for bonds for such fund, the amount of the premium shall be amortized over the term of the bonds from the interest received on such bonds; and (2) when bonds for such fund are purchased at a discount, the amount of the discount shall be used to purchase additional bonds, it being contemplated that the face amount of the bonds in such fund may in this manner aggregate in excess of twelve million dollars at some future time. The interest on the Nebraska Veterans' Aid Fund, except so much as may be required for amortization of premium bond purchases as authorized in this section and so much as may be required to pay a pro rata share of the budget appropriated for the Nebraska Investment Council pursuant to section 72-1249.02, shall be paid to the Veterans' Aid Income Fund, which fund is hereby created. The Veterans' Aid Income Fund, when appropriated by the Legislature, shall be available to the director for aid to needy veterans as authorized by law. The Board of Educational Lands and Funds shall manage the Nebraska Veterans' Aid Fund, except that the investment and reinvestment of such fund shall be the duty of the state investment officer, with investment and reinvestment to be made in the same type securities authorized for investment of funds by the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act. The director shall advise the council when amounts in the Veterans' Aid Income Fund are not immediately required for aid to needy veterans. The state investment officer shall invest such amounts available from the Veterans' Aid Income Fund in the same manner as investments of the Nebraska Veterans' Aid Fund, and the interest thereon shall also become a part of the Veterans' Aid Income Fund. SourceLaws 1921, c. 40, § 1, p. 181; C.S.1922, § 6206; Laws 1923, c. 126, § 1, p. 311; Laws 1927, c. 194, § 1, p. 552; C.S.1929, § 80-401; R.S.1943, § 80-401; Laws 1945, c. 221, § 1, p. 659; Laws 1947, c. 306, § 1, p. 926; Laws 1951, c. 301, § 1, p. 990; Laws 1959, c. 422, § 1, p. 1419; Laws 1967, c. 486, § 44, p. 1531; Laws 1969, c. 584, § 94, p. 2404; Laws 1975, LB 234, § 1; Laws 1976, LB 867, § 1; Laws 1978, LB 733, § 1; Laws 1981, LB 157, § 1; Laws 1982, LB 255, § 1; Laws 1984, LB 38, § 1; Laws 1987, LB 786, § 2; Laws 1995, LB 7, § 95. Cross ReferencesBoard of Educational Lands and Funds, authorized investments, see sections 8-712, 46-567.04, and 72-202.Nebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.