Section 39:98.2 - Investment of Millennium TrustA. The treasurer is authorized and directed to invest monies in the Millennium Trust which are available for investment in the investments permitted for the Louisiana Education Quality Trust Fund, also known as the Kevin P. Reilly Sr. Louisiana Education Quality Trust Fund, as set forth in R.S. 17:3803(B), (D), and (E).B. Investments made under authority of this Section shall mature on such date determined by the treasurer as will generate a favorable return to the state and will allow the monies to be available for use at the time needed.C. Banks issuing time certificates of deposit under authority of this Section shall pay interest at a rate not less than the rate determined by the United States Treasury to have been the average interest rate plus one percent per annum on the last previous sale of treasury bills with the same length of maturity; provided that if at any time the interest rate so determined is in excess of the maximum rate banks are permitted to pay on time certificates of deposit for the same period of time by regulations of the Federal Reserve System or the Federal Deposit Insurance Corporation, the interest rate shall be the maximum established by those regulations.D. The treasurer may enter into direct security repurchase agreements, reverse security repurchase agreements, and securities lending contracts in order to generate passive income. For the purposes of this Subsection:(1) "Direct security repurchase agreement" means an agreement and transaction in which securities are purchased by the state from a registered securities broker or dealer for a rate and a guarantee to buy them back from the state, the state holds the securities for a specified time, and then the state sells those securities back to the broker or dealer at an agreed upon price.(2) "Reverse security repurchase agreements" means an agreement and transaction in which securities are sold by the state to a registered securities broker or dealer for a rate and a guarantee to sell them back to the state, the broker or dealer holds the securities for a specified time, and then the state buys back the securities from the broker or dealer at an agreed upon price.(3) "Securities lending contracts" means an agreement and transaction in which securities are supplied to a registered securities broker or dealer for a rate and secured by a pledge of collateral with a value equal to or greater than the securities supplied.E. On or before December first of each year, the treasurer shall prepare and submit a report on the performance of the Millennium Trust to the Joint Legislative Committee on the Budget and the commissioner of administration for their review. With respect to the Education Excellence Fund, the report shall also be provided to the state superintendent of education.Acts 1999, No. 1295, §1, eff. July 1, 2000; Acts 2006, No. 289, §2; Acts 2015, No. 463, §3; Acts 2020 1st Ex. Sess., No. 21, §1, eff. July 1, 2020.Amended by Acts 2020EX1, No. 21,s. 1, eff. 7/1/2020.Amended by Acts 2015, No. 463,s. 3, eff. 8/1/2015.Acts 1999, No. 1295, §1, eff. 7/1/2000; Acts 2006, No. 289, §2.