(1) The executive director of each agency shall deposit with the state treasurer funds received from the United States treasury and other funds earned, given or granted to the agency, including state funds.
(2) Such funds may be invested in the local government investment pool pursuant to title 9, chapter 4, part 7.
(3) The board may establish such bank accounts pursuant to § 9-4-302, as are necessary for the efficient management of the agency.