TREASURER. 59T

ARTICLE 95.

TREASURER.

Sinking Fund.

38. How surplus moneys in treasury invested.

An. Code, 1924, art. 81, sec. 205. 1912, sec. 194. 1904. sec. 190. 18S8, sec. 156.
1884, ch. 419. 1929, ch. 226, sec. 38 (p. 722).

38. All monies remaining in the treasury of the State at the close of
each fiscal year, in excess of one hundred and fifty thousand dollars, and of
the sums required to meet the interest accruing due upon the public debt,
and the expenses of the State government defined by law shall be held by
the treasurer of the State to the credit of the general sinking fund of the
State, and shall be invested by the treasurer in the overdue obligations of
the State; and when the same are not procurable in the obligations of the
State not yet matured, or in the securities issued by the United States, or
in such other productive stocks or bonds as the treasurer, the governor and
comptroller concurring may consider safe and reliable; and the sum of one
hundred thousand dollars, which is directed to be set apart in each year
for the augmentation of the sinking fund, may be invested in the same man-
ner and under the same conditions by the said treasurer; and the invest-
ment so made shall be passed to the credit of the sinking fund.