Section 19-3-520 - Minimum balance to be maintained

Since it is the intent of the General Assembly that the State Treasury have sufficient cash available at all times to redeem all state warrants presented for payment, the State Board of Finance shall immediately sell securities in the manner prescribed in § 19-3-518(b) when the cash balance maintained on demand deposit in bank depositories falls below the amount necessary to meet operating requirements, excluding trust funds.Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.Acts 1997, No. 847, § 1.