(1) The state treasurer may engage in financial transactions whereby: (a) Obligations are purchased with moneys accrued or accruing to the public school fund under an agreement providing for the resale of such obligations to the original seller at a stated price together with a payment to the fund of interest for the period the fund holds the obligations, but the market value of such obligations shall at all times be at least equal to the total purchase price; (b) Obligations owned by the fund are sold under an agreement providing for the repurchase of such obligations by the fund at a stated price together with the payment to the buyer of interest for the period the buyer holds the obligations; (b.5) Loans are made to school districts under the provisions of section 3 of article IX of the state constitution; (c) Obligations owned by the fund are delivered to reputable and financially responsible dealers in such obligations under an agreement which provides: (I) For the replacement thereof with obligations of the same kind and amount upon demand therefor by the state treasurer; and (II) For the payment to the state treasury by said dealer of a commission or other compensation, based upon the amount of such obligations, for the period of time between the delivery of such obligations to such dealer and the replacement thereof; and (III) For the pledge and delivery by said dealer to the state treasury of other obligations which are lawful investments having a market value at all times equal to at least the market value of the obligations so delivered to guarantee the replacement of such obligations. (d) (Repeal provision deleted by revision.) (2) The state treasurer may make such arrangements for the custody, safekeeping, and registration of obligations as will enable him to make prompt delivery thereof upon maturity or in the event of sale.
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