North Dakota Administrative Code Title 84 - Treasurer, State
North Dakota Administrative Code (NDAC)
Title 84 — Treasurer, State
Overview
Title 84 of the North Dakota Administrative Code contains the administrative rules and regulations that govern the office and duties of the North Dakota State Treasurer. This title sets forth the procedures and policies related to:
Collection, custody, and disbursement of state funds
Investment of state funds
Reporting and accounting requirements
Handling of unclaimed property
Procedures for state debt management
Responsibilities relating to various funds under the Treasurer's control
The State Treasurer is a constitutional officer elected by the people, entrusted with safeguarding the state's financial assets and managing public funds according to statutory and regulatory requirements.
Key Provisions of NDAC Title 84
1. Custody and Disbursement of Funds
The State Treasurer acts as the custodian of all state money received by the state government.
Funds must be deposited into authorized state accounts.
The Treasurer disburses money only upon proper warrants or orders issued in accordance with law.
Rules outline procedures to ensure proper authorization, documentation, and audit trails for disbursements.
2. Investment of State Funds
The Treasurer has authority to invest idle state funds prudently.
Investments must comply with state law and administrative rules aimed at safety, liquidity, and yield.
Title 84 defines authorized investments and reporting requirements to ensure transparency and accountability.
3. Reporting and Accounting
The Treasurer must prepare regular financial reports to the legislature and public.
Rules ensure proper accounting methods and reconciliations.
Audits and internal controls are mandated to prevent misuse or mismanagement.
4. Unclaimed Property
The State Treasurer administers the unclaimed property program, holding assets such as dormant bank accounts, uncashed checks, insurance proceeds, and securities.
Title 84 includes procedures for reporting, holding, and returning unclaimed property to rightful owners.
The Treasurer maintains a searchable database and publishes lists periodically.
5. State Debt Management
The Treasurer manages debt issuance and repayment for the state.
Procedures govern handling of bond proceeds, debt service payments, and related records.
Rules ensure compliance with applicable federal and state debt laws.
Relevant Legal Principles and Case Law
While specific published appellate decisions on the North Dakota State Treasurer’s administrative rules may be limited, certain broad legal principles and case law from North Dakota and comparable jurisdictions illuminate the Treasurer’s role and authority:
1. Statutory and Constitutional Authority
The State Treasurer’s powers and duties are primarily established by the North Dakota Constitution and relevant statutes.
Administrative rules under Title 84 serve to implement these legal mandates.
Courts recognize the Treasurer as a constitutional officer with discretionary authority within statutory bounds.
2. Fiduciary Duty and Accountability
The Treasurer holds a fiduciary responsibility to manage public funds prudently.
Courts hold the Treasurer accountable for negligent or improper handling of funds.
For example, failure to comply with investment restrictions or mismanagement can lead to legal liability.
3. Compliance with Administrative Procedures
The Treasurer must follow administrative procedures for disbursement, investment, and reporting.
Failure to adhere to these procedures can result in administrative or judicial challenges.
Courts generally defer to administrative expertise unless actions are arbitrary or unlawful.
4. Handling of Unclaimed Property
Legal challenges have occasionally arisen concerning the Treasurer’s administration of unclaimed property.
Courts affirm the Treasurer’s authority to hold and safeguard unclaimed assets under state law.
Procedures for notification and claims are critical to protecting owners' rights and preventing unlawful seizure.
5. Judicial Review of Treasurer’s Actions
Decisions by the Treasurer involving fund management, investment, or unclaimed property may be subject to judicial review.
Courts apply standards such as substantial evidence, arbitrary and capricious review, or abuse of discretion.
The Treasurer’s interpretation of administrative rules is often given deference unless unreasonable.
Hypothetical Case Illustration
Suppose the North Dakota State Treasurer invests state funds in securities that do not comply with the investment criteria set out in Title 84. A taxpayer group sues, claiming mismanagement and breach of fiduciary duty. The court will examine whether the Treasurer violated administrative rules and statutory duties. If it finds the Treasurer acted outside the scope of lawful authority, the court may order corrective action or damages.
Summary Table
| Aspect | Details |
|---|---|
| Authority | ND Constitution, statutes, and NDAC Title 84 |
| Primary Responsibilities | Custody, investment, disbursement of state funds |
| Key Programs | Unclaimed property, debt management, financial reporting |
| Legal Principles | Fiduciary duty, compliance with administrative rules |
| Judicial Review | Deference to Treasurer’s expertise, subject to legality and reasonableness review |
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