reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1239 - Nebraska Investment Council; purpose; members; meetings; compensation; expenses.

72-1239.
Nebraska Investment Council; purpose; members; meetings; compensation; expenses.
The purpose of the council is to formulate and establish such policies as it may deem necessary and proper which shall govern the methods, practices, and procedures followed by the state investment officer for the investment or reinvestment of state funds and funds described in section 83-133 and the purchase, sale, or exchange of securities as provided by the Nebraska State Funds Investment Act. The council shall meet from time to time as directed by the Governor or the chairperson or as requested by the state investment officer. The members of the council, except the State Treasurer, the director of the Nebraska Public Employees Retirement Systems, and beginning January 1, 2017, each administrator of a retirement system provided for under the Class V School Employees Retirement Act, shall be paid seventy-five dollars per diem. The members shall be reimbursed for expenses incurred in connection with the performance of their duties as members as provided in sections 81-1174 to 81-1177.
Source
Laws 1969, c. 584, § 3, p. 2350;
Laws 1981, LB 204, § 145;
Laws 1985, LB 335, § 1;
Laws 1991, LB 368, § 2;
Laws 1996, LB 847, § 20;
Laws 1997, LB 4, § 1;
Laws 2005, LB 503, § 6;
Laws 2016, LB447, § 3;
Laws 2020, LB381, § 79.
Cross References
Class V School Employees Retirement Act, see section 79-978.01.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1240 - State investment officer; appointment; qualifications; salary; removal.

72-1240.
State investment officer; appointment; qualifications; salary; removal.
The council shall appoint a state investment officer. The appointment shall be subject to the approval of the Governor and a majority of the Legislature. The state investment officer shall be a person well qualified by training to administer and invest the money available for investment, and he or she shall have at least five years of experience in the management of investment portfolios. The state investment officer's salary shall be fixed by the council at not less than twenty-five thousand dollars per year. The state investment officer shall serve without term and may be removed for cause by the council.
Source
Laws 1969, c. 584, § 4, p. 2350;
Laws 1974, LB 396, § 1;
Laws 1996, LB 847, § 22;
Laws 1997, LB 4, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1241 - State investment officer; deputy; duties; bond or insurance.

72-1241.
State investment officer; deputy; duties; bond or insurance.
The state investment officer shall devote his or her entire time and attention to the duties of his or her office. The state investment officer shall not engage in any other occupation or profession or hold any other public office, appointive or elective. If for any reason the state investment officer is unable to perform the duties of his or her office, or the office is vacant due to death, resignation, or otherwise, the council shall designate an acting state investment officer to serve until the state investment officer is able to act or the vacancy is filled. With the approval of the council, the state investment officer may designate a deputy to perform such acts and duties as the state investment officer shall authorize, subject to the same restrictions as apply to the state investment officer. The deputy shall be bonded or insured as required by section 11-201. The state investment officer shall be responsible for all official acts of the deputy.
Source
Laws 1969, c. 584, § 5, p. 2351;
Laws 1971, LB 53, § 6;
Laws 1978, LB 653, § 28;
Laws 2004, LB 884, § 35.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1242 - State investment officer; personnel; employ; approval of Governor; employees; duties; exempted from State Personnel System; when.

72-1242.
State investment officer; personnel; employ; approval of Governor; employees; duties; exempted from State Personnel System; when.
The state investment officer shall employ qualified personnel as may be required to carry out the duties and responsibilities required under the Nebraska State Funds Investment Act. Such employees shall be deemed state employees and covered by the State Personnel System pursuant to sections 81-1301 to 81-1368 and other personnel rules or regulations. At the discretion of the Nebraska Investment Council, investment managers who are employees of the council may be exempted from the State Personnel System. The state investment officer shall be exempt from the State Personnel System. All employees shall comply with state accounting regulations and applicable state and federal laws in the discharge of their duties. With the approval of the Governor, the state investment officer may retain counsel, auditors, financial advisors and private consultants on a contract basis or otherwise to render such professional service or advice as he or she may require in the performance of his or her duties.
Source
Laws 1969, c. 584, § 6, p. 2351;
Laws 1996, LB 847, § 23.
Annotations
One of the tests of compensability under the Workmen's Compensation Act, in cases related to recreational or social activities, is whether the employer derives substantial direct benefit from the activity. Kuethe v. State, 191 Neb. 167, 214 N.W.2d 380 (1974).
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1243 - State investment officer; investment and reinvestment of funds; duties; council; analysis required; plan; contents.

72-1243.
State investment officer; investment and reinvestment of funds; duties; council; analysis required; plan; contents.
(1) Except as otherwise specifically provided by law, the state investment officer shall direct the investment and reinvestment of money in all state funds not currently needed and all funds described in section 83-133 and order the purchase, sale, or exchange of securities for such funds. He or she shall notify the State Treasurer of any payment, receipt, or delivery that may be required as a result of any investment decision, which notification shall be the authorization and direction for the State Treasurer to make such disbursement, receipt, or delivery from the appropriate fund.
(2) The council shall have an analysis made of the investment returns that have been achieved on the assets of each retirement system administered by the Public Employees Retirement Board as provided in section 84-1503 and on the assets of each retirement system provided for under the Class V School Employees Retirement Act. By March 31 of each year, the analysis shall be presented to the board and the Nebraska Retirement Systems Committee of the Legislature. The analysis shall be prepared by an independent organization which has demonstrated expertise to perform this type of analysis and for which there exists no conflict of interest in the analysis being provided. The analysis may be waived by the council for any retirement system with assets of less than one million dollars.
(3) By April 10 of each year, the council shall prepare a written plan of action and shall present such plan to the Nebraska Retirement Systems Committee of the Legislature at a public hearing. The plan shall include, but not be limited to, the council's investment portfolios, investment strategies, the duties and limitations of the state investment officer, and an organizational structure of the council's office.
Source
Laws 1969, c. 584, § 7, p. 2351;
Laws 1971, LB 53, § 7;
Laws 1985, LB 335, § 2;
Laws 1991, LB 549, § 21;
Laws 1996, LB 847, § 24;
Laws 2005, LB 503, § 7;
Laws 2011, LB509, § 14;
Laws 2016, LB447, § 5;
Laws 2019, LB33, § 1;
Laws 2022, LB700, § 4.
Cross References
Class V School Employees Retirement Act, see section 79-978.01.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1244 - State Treasurer; boards, commissions, departments, and agencies; money to invest; notify state investment officer; conditions.

72-1244.
State Treasurer; boards, commissions, departments, and agencies; money to invest; notify state investment officer; conditions.
The State Treasurer shall notify the state investment officer as to the amount of money in the General Fund and the funds of any board, commission, department, agency, or official charged with the control of any other state fund not currently needed and available for investment. When it shall appear to the State Treasurer that any such invested money is needed, he or she shall notify the state investment officer who shall make available from the pooled investments the amount required.
Source
Laws 1969, c. 584, § 8, p. 2351;
Laws 1985, LB 335, § 3;
Laws 2003, LB 149, § 1.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246 - State investment officer; investments; duties.

72-1246.
State investment officer; investments; duties.
The state investment officer shall invest in investments of the nature which individuals of prudence, discretion, and intelligence acquire or retain in dealing with the property of another, and if the state investment officer has special skills or is named on the basis of representations of special skills or expertise, he or she is under a duty to use such skills, subject to the direction of the Nebraska Investment Council.
Source
Laws 1969, c. 584, § 10, p. 2352;
Laws 1971, LB 152, § 1;
Laws 1974, LB 396, § 2;
Laws 1981, LB 460, § 1;
Laws 2002, LB 407, § 19.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246.01 - Student loans; purchase.

72-1246.01.
Student loans; purchase.
The Nebraska Investment Council, out of funds available to it, upon the application of any qualified lending agent as defined under the Federal Higher Education Act of 1965, may purchase all student loans which are federally guaranteed, as to principal and interest, and made to Nebraska residents attending Nebraska institutions, which are offered to the Nebraska Investment Council for purchase and shall give preference to such loans when an investment in such loans would be equally as good as any other investment;
Provided,
such offers shall be in amounts of five thousand dollars or more from a single lending agent.
Source
Laws 1971, LB 152, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246.02 - Student loans; sale; resale; conditions.

72-1246.02.
Student loans; sale; resale; conditions.
The Nebraska Investment Council may hold such loans or offer them for sale or resale on such terms and conditions as shall be negotiated with purchasers. Conditions of such sale or resale may be, but shall not be limited to, amounts to be retained for service, degree of servicing requirements, conditions of repurchase and responsibility for collection and reports to the guaranteeing agency of the federal government.
Source
Laws 1971, LB 152, § 3.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246.03 - Student loans; Nebraska State Colleges; service loans; security.

72-1246.03.
Student loans; Nebraska State Colleges; service loans; security.
The Nebraska Investment Council may negotiate with the Board of Trustees of the Nebraska State Colleges for the servicing of such loans which may be purchased by the council, retained in its investment portfolio or resold as provided in section 72-1246.02. The council may require such security for the performance of the servicing duties as it may deem necessary to insure full compliance with a servicing agreement.
Source
Laws 1971, LB 152, § 4.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246.04 - Student loans; purchasing, selling, servicing; approval.

72-1246.04.
Student loans; purchasing, selling, servicing; approval.
The Nebraska Investment Council shall obtain the approval of the United States Department of Education before purchasing, selling, or servicing loans pursuant to sections 72-1246.01 to 72-1246.03.
Source
Laws 1971, LB 152, § 5;
Laws 1991, LB 2, § 15.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1246.05 - Student loans; priority; liquidation of investments; prior investments, how treated; interest.

72-1246.05.
Student loans; priority; liquidation of investments; prior investments, how treated; interest.
The Nebraska Investment Council may give priority to the investments authorized by section 72-1246.01 and shall liquidate other investments if necessary to meet the demand for such loans;
Provided,
that any investments made prior to May 24, 1971, may be retained in kind, notwithstanding the provisions of section 72-1246, until such time as in the discretion of the Nebraska Investment Council the same may be sold for the best advantage of the retirement fund. All interest received on such loans shall be credited to the fund from which the loan was made.
Source
Laws 1971, LB 152, § 6.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1248 - Income from investments; disbursement.

72-1248.
Income from investments; disbursement.
Interest, premium, and other income received from investments pursuant to sections 72-1244 and 72-1267 shall be credited to the fund from which the investment was made except as otherwise provided by law.
Source
Laws 1969, c. 584, § 12, p. 2354;
Laws 2003, LB 149, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1249 - Expenses; costs; how paid.

72-1249.
Expenses; costs; how paid.
(1) Any expenses with respect to the purchase, sale, or exchange of any security shall be charged to the fund or funds on behalf of which such purchase, sale, or exchange was made. All other expenses of the state investment officer shall be paid out of appropriations for the office of the state investment officer.
(2) Beginning on March 31, 2016, any expenses with respect to the transfer to and assumption by the council and the state investment officer of the duty and authority to invest the assets of a retirement system provided for under the Class V School Employees Retirement Act shall be charged to the Class V School Employees Retirement Fund established in section 79-9,115. Such expenses shall be paid without the approval of the board of education as defined in section 79-978 or the board of trustees provided for in section 79-980.
(3) Management, custodial, and service costs which are a direct expense of investing the assets of a retirement system provided for under the Class V School Employees Retirement Act may be paid from the income of such assets when it is not prohibited by statute or the Constitution of Nebraska. For purposes of this section, management, custodial, and service costs include investment counsel fees for managing assets, real estate mortgage loan service fees, real estate management fees, and custody fees for fund securities. All such fees shall be approved by the council and the state investment officer.
Source
Laws 1969, c. 584, § 13, p. 2354;
Laws 1972, LB 1279, § 1;
Laws 1977, LB 364, § 1;
Laws 2016, LB447, § 6;
Laws 2017, LB29, § 1.
Cross References
Class V School Employees Retirement Act, see section 79-978.01.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1249.02 - State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid.

72-1249.02.
State Investment Officer's Cash Fund; created; allocation of charges to funds managed; costs; how paid.
The State Investment Officer's Cash Fund is created. A pro rata share of the budget appropriated for the council shall be charged to the income of each fund managed, and such charges shall be transferred to the State Investment Officer's Cash Fund. The allocation of charges may be made by any method determined to be reasonably related to actual costs incurred by the council. Approval of the agencies and boards administering these funds shall not be required.
It is the intent of this section to have funds managed by the state investment officer pay a pro rata share of the investment management expense when this is not prohibited by statute or the constitution.
Management, custodial, and service costs which are a direct expense of state funds may be paid from the income of such funds when this is not prohibited by statute or the Constitution of Nebraska. For purposes of this section, management, custodial, and service costs shall include, but not be limited to, investment counsel fees for managing assets, real estate mortgage loan service fees, real estate management fees, and custody fees for fund securities. All such fees shall be approved by the council and the state investment officer.
Beginning on March 31, 2016, a pro rata share of the budget appropriated for the council shall be charged to the income of the Class V School Employees Retirement Fund, and such charges shall be transferred to the State Investment Officer's Cash Fund. The allocation of charges among a retirement system provided for under the Class V School Employees Retirement Act and the other funds managed by the council may be made by any method determined to be reasonably related to actual costs incurred by the council. Approval of the board of education, the board of trustees, or the retirement board, as defined in section 79-978 and as provided for in section 79-980, shall not be required.
Source
Laws 1983, LB 468, § 1;
Laws 1987, LB 31, § 2;
Laws 1987, LB 786, § 1;
Laws 2002, LB 407, § 20;
Laws 2016, LB447, § 7;
Laws 2021, LB147, § 2.
Cross References
Class V School Employees Retirement Act, see section 79-978.01.
Annotations
This section authorizes an investment officer to enter into contracts for investment management services. Myers v. Nebraska Invest. Council, 272 Neb. 669, 724 N.W.2d 776 (2006).
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1250 - Securities in custody of State Treasurer; held in name of nominee; registered nominee; selection.

72-1250.
Securities in custody of State Treasurer; held in name of nominee; registered nominee; selection.
All securities purchased or held shall be in the custody of the State Treasurer who may deposit with a fiscal agent in any financial institution, approved by the Nebraska Investment Council, such securities as he shall consider advisable to be held in safekeeping by such agent for collection of principal and interest, or of the proceeds of sale thereof or, at the direction of the state investment officer, the State Treasurer shall have such securities held in the name of a nominee. The State Treasurer shall join with the deputy state treasurer in obtaining for the State of Nebraska a registered nominee from the American Society of Corporate Secretaries and shall hold securities registered in the nominee's name in the same manner as he shall consider appropriate for holding other securities.
Source
Laws 1969, c. 584, § 14, p. 2354;
Laws 1974, LB 925, § 1.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1250.01 - Cash funds deposited with fiscal agent; constitute investment made by state investment officer.

72-1250.01.
Cash funds deposited with fiscal agent; constitute investment made by state investment officer.
Whenever cash funds belonging to the State of Nebraska shall be deposited with any fiscal agent authorized by section 72-1250, the holding thereof shall be and constitute an investment made pursuant to direction of the state investment officer for purposes of subdivision (7) of section 84-602.
Source
Laws 1974, LB 925, § 2;
Laws 2021, LB509, § 8.
Cross References
State Treasurer, duties, see section 84-602.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1251 - State Treasurer; interest, premium, income, and principal; collect.

72-1251.
State Treasurer; interest, premium, income, and principal; collect.
The State Treasurer shall collect the interest, premium or other income on and the principal of such securities in his custody as the same become due and payable.
Source
Laws 1969, c. 584, § 15, p. 2355.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1252 - State investment officer; earned income; notice.

72-1252.
State investment officer; earned income; notice.
The available money from the General Fund and each board, commission, department, agency, or official charged with the control of any other state funds shall be invested by the state investment officer. On a monthly basis the state investment officer shall notify the Department of Administrative Services and the State Treasurer as to the earned income to be credited pursuant to section 72-1248.
Source
Laws 1969, c. 584, § 16, p. 2355;
Laws 2003, LB 149, § 3.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1254 - State investment officer; operations; report; contents; public inspection.

72-1254.
State investment officer; operations; report; contents; public inspection.
The state investment officer shall report no later than fifteen days after the close of each month to the Governor, the State Treasurer, the Auditor of Public Accounts, the Department of Administrative Services, and the members of the council on the operations for the pooled accounts during such month. The report shall include a summary of investments, purchases, and dealers utilized. Such reports shall be available for public inspection in the office of the state investment officer.
Source
Laws 1969, c. 584, § 18, p. 2355;
Laws 2003, LB 149, § 4.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1255 - Investment transactions; Auditor of Public Accounts; postaudits; report.

72-1255.
Investment transactions; Auditor of Public Accounts; postaudits; report.
The Auditor of Public Accounts shall conduct, at such time as he or she determines necessary, postaudits of the investment transactions provided for in the Nebraska State Funds Investment Act and shall submit annually a report of his or her findings to the Governor and the state investment officer.
Source
Laws 1969, c. 584, § 19, p. 2355;
Laws 1997, LB 4, § 4;
Laws 2011, LB337, § 5.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1257 - Default; proceedings.

72-1257.
Default; proceedings.
In the event of default in the payment of principal of, or interest on, any investment made by the state investment officer, the State Treasurer may institute the proper proceedings to collect such matured principal or interest, and may, with the approval of the state investment officer, accept for exchange purposes refunding bonds or other evidences of indebtedness. The State Treasurer, with the approval of the state investment officer, may make such compromise, adjustment, or other disposition of the past-due interest or principal in default, or make such compromises, adjustments or other disposition as to future payments of interest or principal as deemed advisable to protect the money invested.
Source
Laws 1969, c. 584, § 21, p. 2355.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1258 - Investment of state funds; boards, commissions, departments, agencies, officials; powers and duties.

72-1258.
Investment of state funds; boards, commissions, departments, agencies, officials; powers and duties.
Except as otherwise provided in sections 72-1244 and 72-1267, each board, commission, department, agency, or official that previously was charged with the investment of state funds shall continue in all other respects as provided by law and shall continue to have all other powers and shall exercise all the functions and duties fixed or imposed upon it by law.
Source
Laws 1969, c. 584, § 22, p. 2356;
Laws 2003, LB 149, § 5.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1259 - State investment officer; political subdivisions; assistance; fee.

72-1259.
State investment officer; political subdivisions; assistance; fee.
The state investment officer may provide assistance and furnish advice regarding the investment of money to any political subdivision of the State of Nebraska whenever such advice is requested by a political subdivision. In connection with the rendering of such service, the state investment officer may charge and collect any fee he determines to be reasonable.
Source
Laws 1969, c. 584, § 23, p. 2356.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1260 - Act, how cited.

72-1260.
Act, how cited.
Sections 72-1237 to 72-1260 shall be known and may be cited as the Nebraska State Funds Investment Act.
Source
Laws 1969, c. 584, § 132, p. 2432;
Laws 1994, LB 1066, § 74;
Laws 1996, LB 847, § 25.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1261 - Declaration of intent.

72-1261.
Declaration of intent.
It is hereby declared that the lending of money is an activity which affects the economic conditions of the State of Nebraska, that Nebraska is a state short of sufficient capital to properly serve the needs of the state, especially the agricultural credit requirements and housing credit requirements, and that if additional funds are deposited into the commercial banking channels and capital stock financial institution or qualifying mutual financial institution channels the available capital will increase many times the amount of the initial deposit.
Source
Laws 1978, LB 258, § 1;
Laws 2003, LB 175, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1262 - Terms, defined.

72-1262.
Terms, defined.
For purposes of the Nebraska Capital Expansion Act, unless the context otherwise requires:
(1) Bank means a state-chartered or federally chartered bank which has a main chartered office in this state, any branch thereof in this state, or any branch in this state of a state-chartered or federally chartered bank which maintained a main chartered office in this state prior to becoming a branch of such state-chartered or federally chartered bank;
(2) Capital stock financial institution means a capital stock state building and loan association, a capital stock federal savings and loan association, a capital stock federal savings bank, or a capital stock state savings bank, which has a main chartered office in this state, any branch thereof in this state, or any branch in this state of a capital stock financial institution which maintained a main chartered office in this state prior to becoming a branch of such capital stock financial institution;
(3) Time deposit open account means a bank account or a deposit with a capital stock financial institution or a qualifying mutual financial institution with respect to which there is in force a written contract which provides that neither the whole nor any part of such deposit may be withdrawn, by check or otherwise, prior to the date of maturity, which date shall be not less than thirty days after the date of the deposit, or prior to the expiration of the period of notice which shall be given by the state investment officer in writing not less than thirty days in advance of withdrawal. The time deposit open account contract shall be uniform and shall be furnished by the state investment officer to each bank, capital stock financial institution, or qualifying mutual financial institution for execution;
(4) Funds available for investment means all funds over which the state investment officer has investment jurisdiction less those funds necessary for operations and except those funds which are eligible for long-term investment; and
(5) Qualifying mutual financial institution has the same meaning as in section 77-2365.01.
Source
Laws 1978, LB 258, § 2;
Laws 1985, LB 614, § 1;
Laws 1992, LB 757, § 23;
Laws 1997, LB 275, § 1;
Laws 2002, LB 957, § 25;
Laws 2003, LB 175, § 3;
Laws 2004, LB 999, § 43.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1263 - State investment officer; time deposit open account; conditions.

72-1263.
State investment officer; time deposit open account; conditions.
Except as provided in section 72-1264, the state investment officer shall, out of funds available for investment, initially cause to be offered to all banks, capital stock financial institutions, and qualifying mutual financial institutions in this state a time deposit open account in the amount of one million dollars, except that the minimum amount that any bank, capital stock financial institution, or qualifying mutual financial institution may accept is the amount of one hundred thousand dollars. Such deposit shall be available at any investment date to such banks, capital stock financial institutions, or qualifying mutual financial institutions as are willing to meet the rate and other requirements set forth in the Nebraska Capital Expansion Act and make application therefor. No deposit shall be made when doing so would violate a fiduciary obligation of the state or section 72-1268.07. To the extent that the total amount of funds initially offered to all banks, capital stock financial institutions, and qualifying mutual financial institutions is not accepted by such banks, capital stock financial institutions, and qualifying mutual financial institutions, the balance of such funds shall be immediately reoffered to any banks, capital stock financial institutions, and qualifying mutual financial institutions desiring additional funds in an amount not to exceed each bank's, capital stock financial institution's, or qualifying mutual financial institution's pro rata share of the remaining funds, or fifteen million dollars for each bank, capital stock financial institution, or qualifying mutual financial institution, whichever is less. The reoffered funds shall be made available to such banks, capital stock financial institutions, and qualifying mutual financial institutions as are willing to meet the rate and other requirements set forth in the Nebraska Capital Expansion Act. All funds not investable under this section shall be invested as provided by section 72-1246. No one bank, capital stock financial institution, or qualifying mutual financial institution may receive for deposit a sum of more than sixteen million dollars.
Source
Laws 1978, LB 258, § 3;
Laws 1985, LB 614, § 2;
Laws 1990, LB 1146, § 3;
Laws 2000, LB 932, § 35;
Laws 2002, LB 957, § 26;
Laws 2003, LB 175, § 4;
Laws 2014, LB759, § 20;
Laws 2017, LB94, § 1.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1264 - Funds; when offered; time deposit open account; state investment officer; powers.

72-1264.
Funds; when offered; time deposit open account; state investment officer; powers.
Funds shall be offered for deposit as they become available. The time of such deposit shall be known as an investment date. The state investment officer may make prudent interim investments. If the funds available for investment are less than the amount required for banks, capital stock financial institutions, or qualifying mutual financial institutions under section 72-1263, the state investment officer shall prorate the available funds among the desiring banks, capital stock financial institutions, or qualifying mutual financial institutions.
Source
Laws 1978, LB 258, § 4;
Laws 2000, LB 932, § 36;
Laws 2002, LB 957, § 27;
Laws 2003, LB 175, § 5.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1265 - State investment officer; deposits; fix interest rate and term; legislative intent.

72-1265.
State investment officer; deposits; fix interest rate and term; legislative intent.
The state investment officer shall fix the rate of interest to be paid on deposits and the term of deposits to be offered on the first day of each month. The rate per annum for each period shall be equal to the interest rate paid for other qualified investments of equal term available for investment by the state investment officer. It is the Legislature's intent that the state receive a competitive rate from Nebraska banks, capital stock financial institutions, and qualifying mutual financial institutions, but that rates received should not exceed the rates that would be paid for other qualified investments.
Source
Laws 1978, LB 258, § 5;
Laws 2003, LB 175, § 6.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1266 - Nebraska Investment Council; adopt rules and regulations.

72-1266.
Nebraska Investment Council; adopt rules and regulations.
The Nebraska Investment Council shall adopt and promulgate rules and regulations to establish procedures for the distribution of funds to banks, capital stock financial institutions, and qualifying mutual financial institutions.
Source
Laws 1978, LB 258, § 6;
Laws 2002, LB 957, § 28;
Laws 2003, LB 175, § 7.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1267 - State investment officer; combine and pool investable funds; when; prorate interest.

72-1267.
State investment officer; combine and pool investable funds; when; prorate interest.
For purposes of investment under the Nebraska Capital Expansion Act, the state investment officer shall combine and pool all investable funds of all state agencies subject to his or her investment powers except when doing so would violate a fiduciary obligation of the state. The interest earned on any pooled investment shall be prorated in accordance with the participation of the respective funds.
Source
Laws 1978, LB 258, § 7;
Laws 1985, LB 614, § 3.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268 - Depositories; eligibility for funds; bond or bond alternatives.

72-1268.
Depositories; eligibility for funds; bond or bond alternatives.
(1) Notwithstanding any other provision of law, every bank, capital stock financial institution, and qualifying mutual financial institution shall be eligible for the maximum investment provided for in section 72-1263. The bank, capital stock financial institution, or qualifying mutual financial institution shall give a bond or, in lieu of a bond, may give security for any investment under the Nebraska Capital Expansion Act as provided in sections 72-1268.01 to 72-1268.04. Any bank, capital stock financial institution, or qualifying mutual financial institution may apply for the privilege of keeping on deposit such funds.
(2)(a) Every bank, capital stock financial institution, and qualifying mutual financial institution shall, as a condition of accepting state funds, agree to cash free of charge state warrants which are presented by payees of the state without regard to whether or not such payee has an account with such bank, capital stock financial institution, or qualifying mutual financial institution, and such bank, capital stock financial institution, or qualifying mutual financial institution shall not require such payee to place his or her fingerprint or thumbprint on the state warrant as a condition to cashing such warrant.
(b) The condition of accepting state funds in subdivision (2)(a) of this section shall not preclude any bank, capital stock financial institution, or qualifying mutual financial institution from refusing to cash a state warrant presented to the bank, capital stock financial institution, or qualifying mutual financial institution if (i) a stop-payment order has been placed on the state warrant, (ii) the state warrant has been reported as unregistered, voided, lost, stolen, or destroyed or a duplicate state warrant has been issued in its place, (iii) the state warrant is incomplete or is forged or altered in any manner, (iv) the state warrant lacks any necessary indorsement or an indorsement is illegible, unauthorized, or forged, (v) the state warrant is stale-dated, or (vi) the bank, capital stock financial institution, or qualifying mutual financial institution has a reasonable belief that the individual presenting the state warrant is not the payee named on the state warrant.
Source
Laws 1978, LB 258, § 8;
Laws 1985, LB 614, § 4;
Laws 1996, LB 1274, § 24;
Laws 1999, LB 217, § 1;
Laws 2003, LB 175, § 8.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268.01 - Funds deposited; bond; requirements.

72-1268.01.
Funds deposited; bond; requirements.
For the security of funds deposited under the Nebraska Capital Expansion Act, the state investment officer shall require all such depositories to give bond for the safekeeping of payments of such deposits. The officers of the bank, capital stock financial institution, or qualifying mutual financial institution seeking to qualify as a depository shall be ineligible to sign the bond provided for under this section. The bond shall run to the people of the State of Nebraska and shall be approved by the Governor, Secretary of State, and Attorney General. No bond shall be valid unless approved by all three of such officers. The bond shall be conditioned (1) that the depository at the end of each and every month render to the state investment officer a statement in duplicate showing the daily balance and the amount of money of the state held by it during the month, (2) for the payment of the deposit when demanded by the state investment officer on his or her check at any time, and (3) generally to do and perform whatever may be required by the Nebraska Capital Expansion Act and a faithful discharge of the trust reposed in such depository.
Source
Laws 1985, LB 614, § 6;
Laws 2003, LB 175, § 9.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268.02 - Bond; form.

72-1268.02.
Bond; form.
The bond referred to in section 72-1268.01 shall be in substance as follows:
Know all Persons by these Presents, That we .......... as principals, and .......... as sureties, are held and firmly bound unto the State of Nebraska, in the just and full sum of .......... Dollars, for the payment of which, well and truly to be made, we bind ourselves, our heirs, executors, and administrators, jointly and severally, by these presents. Dated the .......... day of .................... A.D. ................ .
Whereas, such bank, capital stock financial institution, or qualifying mutual financial institution, in consideration of the deposit of certain of the money of the State of Nebraska for safekeeping with and in the .......... bank, capital stock financial institution, or qualifying mutual financial institution of .......... the amount whereof shall be subject to withdrawal or diminution by the state investment officer as the requirements of the state shall demand, and which amount may be increased or decreased as the state investment officer may determine.
Now, Therefor, if such .................... bank, capital stock financial institution, or qualifying mutual financial institution of ........................... shall at the end of every month render to the state investment officer a statement in duplicate showing the daily balance of the state money held by it during the month next preceding, and how the same has been credited, and shall well and truly keep all such sums of money so deposited or to be deposited as aforesaid subject to the check and order of the state investment officer as aforesaid, and shall pay over the same, and each and every part thereof, upon the written demand of the state investment officer, and to his or her successor in office as shall be by him or her demanded, and shall in all respects save and keep the people of the State of Nebraska and the state investment officer harmless and indemnified for and by reason of the making of such deposit or deposits, then this obligation shall be void and of no effect, otherwise to be and remain in full force and virtue.
Source
Laws 1985, LB 614, § 7;
Laws 2003, LB 175, § 10.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268.03 - State investment officer; limitation on deposits.

72-1268.03.
State investment officer; limitation on deposits.
The state investment officer shall not have on deposit in any bank, capital stock financial institution, or qualifying mutual financial institution giving a guaranty bond more than the amount insured or guaranteed by the Federal Deposit Insurance Corporation plus the maximum amount of the bond given by such bank, capital stock financial institution, or qualifying mutual financial institution or in any bank, capital stock financial institution, or qualifying mutual financial institution giving a personal bond more than the amount insured or guaranteed by the Federal Deposit Insurance Corporation plus one-half of the amount of the bond given by such bank, capital stock financial institution, or qualifying mutual financial institution. All bonds of such depositories shall be deposited with and held by the state investment officer.
Source
Laws 1985, LB 614, § 8;
Laws 1992, LB 757, § 24;
Laws 2002, LB 957, § 29;
Laws 2003, LB 175, § 11;
Laws 2009, LB259, § 13.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268.04 - Depository; bond alternatives; requirements.

72-1268.04.
Depository; bond alternatives; requirements.
In lieu of the bond required by section 72-1268.01, any bank, capital stock financial institution, or qualifying mutual financial institution making application to become a depository under the Nebraska Capital Expansion Act may give security as provided in the Public Funds Deposit Security Act to the state investment officer.
Source
Laws 1985, LB 614, § 9;
Laws 1989, LB 33, § 30;
Laws 1989, LB 377, § 11;
Laws 1996, LB 1274, § 25;
Laws 2003, LB 175, § 12.
Cross References
Public Funds Deposit Security Act, see section 77-2386.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1268.07 - Subsidiary bank of out-of-state bank holding company; filing required; deposit of public funds; restriction; applicability and construction of section.

72-1268.07.
Subsidiary bank of out-of-state bank holding company; filing required; deposit of public funds; restriction; applicability and construction of section.
(1) Each subsidiary bank of an out-of-state bank holding company shall file with the state investment officer a copy of the public section of the subsidiary bank's most current written evaluation issued pursuant to the terms of section 807 of the Community Reinvestment Act of 1977, as amended, 12 U.S.C. 2906. The copy shall be filed with the state investment officer within thirty days of receipt of the evaluation from the subsidiary bank's primary appropriate federal financial supervisory agency.
(2) On and after January 1, 1992, the state investment officer shall not further deposit or redeposit public funds as authorized by section 72-1263 in any subsidiary bank of an out-of-state bank holding company which has been assigned, by its primary appropriate federal financial supervisory agency, a rating of substantial noncompliance in meeting community credit needs. Upon the filing with the state investment officer of a copy of an updated written evaluation which reflects that the subsidiary bank is no longer assigned such rating, the subsidiary bank shall immediately be eligible for further deposit or redeposit of public funds as authorized by such section.
(3) For purposes of this section, bank holding company shall have the meaning provided in 12 U.S.C. 1841 as it exists on April 7, 1990, and appropriate federal financial supervisory agency shall have the meaning provided in 12 U.S.C. 2902 as it exists on such date.
(4) This section shall not apply to any subsidiary bank of an out-of-state bank holding company, as defined in 12 U.S.C. 1842(d) as it existed on August 26, 1983, which on March 12, 1963, owned at least two banks in this state.
(5) This section shall not be construed or interpreted in any manner to be a condition precedent to the acquisition or control of a bank in this state by an out-of-state bank or out-of-state bank holding company.
Source
Laws 1990, LB 1146, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1269 - Act, how cited.

72-1269.
Act, how cited.
Sections 72-1261 to 72-1269 shall be known and may be cited as the Nebraska Capital Expansion Act.
Source
Laws 1978, LB 258, § 9;
Laws 1985, LB 614, § 5;
Laws 1990, LB 1146, § 4.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1277 - Legislative findings.

72-1277.
Legislative findings.
The Legislature finds that:
(1) The Nebraska Investment Council was created by the Legislature in Laws 1967, LB 335. Additional legislation was passed in Laws 1969, LB 1345, which provided for centralization of the investment of state funds and addressed types of authorized investments and since then the statutory framework of the council has been modified periodically by the Legislature;
(2) The laws of Nebraska provide that the appointed members of the council and the state investment officer are deemed fiduciaries with respect to investment of the assets (a) in the retirement systems, the achieving a better life experience program pursuant to sections 77-1401 to 77-1409, and the Nebraska educational savings plan trust and as fiduciaries are required to discharge their duties with respect to such assets solely in the best interest of the members and beneficiaries of such plans and (b) of other state funds solely in the best interest of the residents of Nebraska;
(3) As fiduciaries, the appointed members of the council and the officer must act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character with like aims by diversifying the investments of assets in the various plans so as to minimize the risk of large losses;
(4) The council managed over fifteen billion three hundred million dollars of assets as of September 30, 2007. Those assets have quadrupled since 1995. The assets managed by the council produced almost one billion five hundred million dollars in investment earnings in 2006 and almost seven billion dollars of investment earnings since December 31, 1995;
(5) The council has the responsibility of the management of portfolios for over thirty state entities. The financial markets and investment strategies that must be employed to achieve satisfactory returns have become more complex and the best practices of similar state government investment agencies have evolved since the creation of the council; and
(6) Pursuant to section 72-1249.02, the operating costs of the council are charged to the income of each fund managed by the council, and such charges are transferred to the State Investment Officer's Cash Fund. Management, custodial, and service costs that are a direct expense of state funds are paid from the income of such funds.
Source
Laws 2008, LB1147, § 17;
Laws 2019, LB33, § 2.
2023 Nebraska Revised Statutes › Chapter 72 - Public Lands, Buildings, and Funds › 72-1278 - Nebraska Investment Council; comprehensive review of council; contract.

72-1278.
Nebraska Investment Council; comprehensive review of council; contract.
The Nebraska Investment Council shall enter into a contract with a qualified independent organization familiar with similar state investment offices to complete a comprehensive review of the current statutory, regulatory, and organizational situation of the council, review best practices of similar state investment offices, and make recommendations to the council, the Governor, and the Legislature for changes needed to ensure that the council has adequate authority to independently execute its fiduciary responsibilities to the members and beneficiaries of the retirement systems, the achieving a better life experience program pursuant to sections 77-1401 to 77-1409, and the Nebraska educational savings plan trust and the residents of Nebraska with regards to other state funds. The recommendations submitted to the Legislature shall be submitted electronically.
Source
Laws 2008, LB1147, § 18;
Laws 2012, LB782, § 131;
Laws 2019, LB33, § 3.