(1) In order to facilitate the administration of this part, there is created the “public deposit security trust fund,” hereafter in this section designated the “fund.” The fund shall be composed of securities pledged as collateral from any defaulting institution, proceeds from the sale of such securities, or from any assessment.
(2) The state treasurer is authorized to pay any loss to public depositors from the fund, and there are hereby appropriated from the fund such sums as may be necessary from time to time to pay the losses.
(3) Any money in the fund estimated not to be needed for immediate cash requirements shall be invested pursuant to § 9-4-603.