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Regulations of Connecticut State Agencies (Last Updated: June 14,2023) |
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Title3 State Elective Officers |
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SubTitle3-27a-1_3-27a-9a. Combined Investment Pool |
| Sec. 3-27a-1—3-27a-7. [Repealed] |
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Latest version.
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Repealed December 1, 1996. |
| Sec. 3-27a-1a. Definitions |
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As used in sections 3-27a-1a to 3-27a-8a, inclusive, of the Regulations of Connecticut State Agencies: (1) "Treasurer" means the Treasurer of the State of Connecticut. (2) “Participant” means the individual fund or combined funds for which the Treasurer is custodian or trustee and all other agencies, instrumentalities and political subdivisions of the State whose funds are accepted by the Treasurer for investment purposes in the Short-Term Investment Fund. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-2a. Funds eligible to participate |
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Latest version.
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In order to be eligible to invest in the Short-Term Investment Fund the Participant shall be one named or identified in section 3-13c, 3-27a, 3-27b or 3-27f of the Connecticut General Statutes. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-3a. Sale and redemption of certificates of participation |
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Latest version.
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(a) The Treasurer may sell certificates of participation. The Treasurer shall not send formal evidence of participation, but shall provide (1) confirmations of daily transactions, and (2) monthly statements of account balances. (b) Certificates of participation shall be redeemed at the option of (1) the Treasurer, or (2) the Participant upon its giving notice to the Treasurer, in a manner and by a time prescribed by the Treasurer, on the day such redemption is requested. (c) Certificates of participation shall be purchased by electronic funds transfer, check or other means approved by the Treasurer. Certificates of participation shall be redeemed by wire in same-day funds, or, at the Participant’s request, by other means approved by the Treasurer. (d) If the Treasurer determines that a deviation between the Short-Term Investment Fund’s amortized cost and the market-based net asset value could affect the fund’s net asset value per share, the Treasurer may temporarily suspend redemptions in order to determine a fair transaction price, pursuant to section 3-27a-6a of the Regulations of Connecticut State Agencies. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-4a. Participant interest distributions |
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Latest version.
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(a) Participant interest shall be determined daily based on the actual earnings of the fund, net of administrative expenses, accounting adjustments, and allocations to the designated surplus reserve. (b) Participant interest shall be computed on the basis of the actual number of days in the year (365 or 366). (c) Participant interest shall be paid monthly by (1) check, (2) reinvestment or (3) other means approved by the Treasurer within five business days of the end of each month. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-5a. Expenses |
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Latest version.
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All expenses incurred for the operation of the Short-Term Investment Fund shall be paid from the fund and charged as expenses prior to determining daily Participant interest. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-6a. Designated surplus reserve |
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Latest version.
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(a) The Short-Term Investment Fund shall maintain a designated surplus reserve for possible use in cases of portfolio losses. (b) Daily allocations to the designated surplus reserve shall be paid from investment income prior to determining Participant interest, and shall equal, on an annualized basis, one-tenth of one percent of the fund's investments until the reserve equals, at a minimum, one percent of investments; except, the Treasurer may maintain a larger reserve when, in the Treasurer’s discretion, adverse market conditions warrant such action. (c) If net losses significant to the aggregate portfolio occur, they shall be charged against the designated surplus reserve in accordance with the Treasurer’s investment policy. If losses are subsequently recovered, net recoveries shall be credited to the reserve. (d) If losses exceed the amount then in the designated surplus reserve, the excess losses shall be charged to Participants’ accounts pro rata. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-7a. Account for the fund |
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Latest version.
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(a) The accounting for the Short-Term Investment Fund shall be consistent with generally accepted accounting principles. (b) Interest payable to Participants shall accrue on a daily basis. (c) Financial statements for the fund shall be prepared annually, and reports on the fund’s investment performance and the fund’s portfolio shall be prepared at least quarterly. The fund's fiscal year shall be the same as the State’s fiscal year. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-8a. Investment policy |
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Latest version.
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The Treasurer shall invest funds of the Short-Term Investment Fund as authorized in sections 3-27c and 3-27d of the Connecticut General Statutes and in accordance with a written investment policy. Such policy shall be distributed to Participants annually and whenever it is modified. |
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(Effective December 1, 1996; Amended September 13, 2016) |
| Sec. 3-27a-9a. [Repealed] |
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Latest version.
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Repealed September 13, 2016. |
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(Effective December 1, 1996; Repealed September 13, 2016) |