The provisions of Wash. Const., Art. XXIX, § 1 (Amendment 49) do not cover the investment of money in the state industrial insurance accident, medical aid and reserve funds so as to permit the investment of those funds in corporate stock pursuant to legislative authorization, notwithstanding the provisions of Wash. Const., Art. XII, § 9.
Article XVI, § 5, of the state constitution applies to (and thereby inhibits the investment of) the agricultural college permanent fund, normal school permanent fund, scientific school permanent fund and the university permanent fund.
1. Under existing law it is necessary that all monies belonging to the OASI fund be physically segregated from other treasury monies as well as being segregated by bookkeeping processes. 2. The governor, in exercising his statutory authority over the OASI contributions fund may, under RCW 41.48.100, authorize the state finance committee to invest the fund surpluses in accordance with RCW 43.84.080.
The "unbudgeted cash balance" which counties under RCW 36.40.090 are authorized to retain in their current expense funds must at all times remain in the form of cash or that which is redeemable in cash upon demand as a matter of fixed right.