(a) A local government desiring to participate in the local government investment pool shall submit an application and agreement on a form prescribed by the state treasurer with a resolution passed by the local government’s governing body demonstrating approval to participate in the fund. Pursuant to § 9-1-107(b), the governing body of the local government may delegate revocable investment authority to the financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for transactions with the local government investment pool.(b) Once the application and agreement are approved by the state treasurer, the local government may transfer money to the state treasurer to invest in the local government investment pool and purchase shares in the fund on behalf of the local government.(c) Money transferred by each participating local government to the local government investment pool for investment as an investment or principal payment must be done electronically. Such local governments shall also electronically file any report or other document with which such electronically transferred payment is associated or on which credit for the payment electronically transferred is taken. In extenuating circumstances, the state treasurer may waive the requirements of this section with respect to any local government. To obtain a waiver, the local government shall demonstrate in writing to the state treasurer that such extenuating circumstances exist.(d) At any time, and subject to the limits, conditions, or restrictions imposed by the state funding board, a participant in the fund may request the return of its principal investment or investment income or both; however, a redemption of shares does not guarantee that a participant will receive the entire amount of the principal investment or investment income or both.
