SUBCHAPTER 1C ‑ INVESTMENT AND BANKING

 

 

SECTION .0100 ‑ DISBURSEMENTS AND RECORDS SECTION

 

 

20 NCAC 01C .0101         PURPOSES: FUNCTIONS: DUTIES

20 NCAC 01C .0102         DISBURSING ACCOUNTS

20 NCAC 01C .0103         RECORDS MAINTAINED ON MICROFILM

20 NCAC 01C .0104         PROCEDURES FOR DEMAND DEPOSIT ACCOUNTS OF STATE FUNDS

20 NCAC 01C .0105         PROCEDURES FOR INTEREST‑BEARING CERTIFICATES OF DEPOSIT

20 NCAC 01C .0106         SURVEY BONDS AND COLLATERAL SECURITIES

20 NCAC 01C .0107         FORMS

 

History Note:        Authority G.S. 147‑68; 147‑69.1;

147‑77 to 147‑79; 143A‑31; 8‑45.1 to ‑45.4;

Eff. February 1, 1976;

Repealed Eff. September 15, 1977.

 

SECTION .0200 ‑ GENERAL

 

 

20 NCAC 01C .0201         ORGANIZATION

20 NCAC 01C .0202         PROCEDURAL RIGHTS

 

History Note:        Authority G.S. 143A‑31;

Eff. September 15, 1977;

Repealed Eff. March 1, 1985.

 

SECTION .0300 ‑ INVESTMENTS

 

 

20 NCAC 01C .0301         TREASURER'S INVESTMENTS

20 NCAC 01C .0302         INTEREST BEARING TIME DEPOSITS

20 NCAC 01C .0303         INVESTMENTS OF TRUST FUNDS

 

History Note:        Authority G.S. 143A‑31; 147‑69.1;

Eff. September 15, 1977;

Repealed Eff. August 1, 1983.

 

SECTION .0400 ‑ BANKING OPERATIONS

 

 

20 NCAC 01C .0401         PROCESSING OF WARRANTS

 

History Note:        Authority G.S. 143A‑31;

Eff. September 15, 1977;

Repealed Eff. March 1, 1985.

 

20 NCAC 01C .0402         DISBURSING ACCOUNTS

(a)  Disbursing accounts are maintained in a manner similar to regular checking accounts in commercial banks.

(b)  All agencies for whom a disbursing account has been established are required to reconcile the monthly statements of the disbursing account within 15 days of the date of the statement.

(c)  Stop payments are accepted only when submitted on the authorized form.  At the sole discretion of the State Treasurer or his authorized representative, stop payments by phone may be accepted in critical situations, if the required form is submitted concurrently.

(d)  The State Treasurer shall collect all alleged forgeries of state warrants, provided that the State Treasurer is notified of the forgery in a timely manner.

 

History Note:        Authority G.S. 143A‑31;

Eff. September 15, 1977;

Amended Eff. March 1, 1985;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016.

 

20 NCAC 01C .0403         RECORDS MAINTAINED ON MICROFILM

 

History Note:        Authority G.S. 143A‑31;

Eff. September 15, 1977;

Repealed Eff. March 1, 1985.

 

20 NCAC 01C .0404         PROCEDURES FOR DEMAND DEPOSIT ACCOUNTS OF STATE FUNDS

(a)  The State Treasurer or his authorized representative are the only persons authorized to designate a financial institution as the depository for a state agency.  The criteria for designation of a depository are the safety of the deposits, minimum cost of the entire set of transactions to the state, and other factors unique to each request.  The name of the demand deposit account shall be:  "(Name of State Treasurer), Treasurer, State of North Carolina, Raleigh, North Carolina."

(b)  Each state agency, department or institution shall deposit exclusively either with the Operations Section of the Department or with a depository, as specifically instructed by the State Treasurer.

(c)  The depository's regular deposit form shall be used and shall be headed as follows:  "(Name of State Treasurer), Treasurer, State of North Carolina, by (Name of State Agency)."  This form which is supplied by the depository, is completed by the agency in duplicate.

(d)  Official forms are prescribed for use by the agencies of the state to report funds deposited in a depository to the account of the State Treasurer.  The form applicable to the funds deposited shall be completed by the depositing agency and shall be submitted in duplicate to the State Treasurer certifying that the total funds as indicated have been deposited in the depository to the account of the State Treasurer.

(e)  If the depository does not collect an item that was previously included in a deposit and credited to the account of the State Treasurer, the returned item is to be forwarded by the depository as a "cash item" to the depositing agency with a request for direct and immediate reimbursement.  The accounting procedures of the State Treasurer and the Director of the Budget will not permit charges to the account of the State Treasurer.

(f)  If an error is discovered in the deposit, the depository's notice of correction shall be forwarded to the depositing agency with a duplicate copy to the State Treasurer.

(g)  The periodic account statements of the depository shall be forwarded to the State Treasurer for audit and reconciliation purposes.  The statement is required even though there may have been no activity in the account during the preceding month.

(h)  All checks, drafts or money orders made payable to an agency, institution or department of the state shall be deposited to the account of the State Treasurer.  Under no circumstances may an item be converted into cash.  When an agency receives funds other than funds required by law to be deposited to the account of the State Treasurer, such funds shall be deposited in a separate deposit account to be administered by the depositing agency since such funds do not come under the jurisdiction of the State Treasurer.

 

History Note:        Authority G.S. 147‑78;

Eff. September 15, 1977;

Amended Eff. March 1, 1985;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016.

 

SECTION .0500 ‑ SAFETY OF DEPOSITS

 

20 NCAC 01C .0501         SURETY BONDS AND COLLATERAL SECURITIES

20 NCAC 01C .0502         FORMS

 

History Note:        Authority G.S. 143A‑31; 147‑78; 147‑79;

Eff. September 15, 1977;

Repealed Eff. August 1, 1983.