The Treasurer of State, pursuant to the Constitution of Maine (Article V, Part Third) is elected biennially at
the first session of the Legislature by joint ballot of senators and representatives in convention. In case of
a vacancy, the Constitution of Maine provides that the deputy treasurer shall act as Treasurer until a new Treasurer
of State is elected. The Treasurer of State oversees the State Treasury. The Treasurer is required to manage
the State’s funds in accordance with various guidelines set forth in statute (5 MRSA §135). With the concurrence
of the State Controller or the Commissioner of Administrative and Financial Services, and the consent of the Governor,
the Treasurer may invest excess money not required to meet current obligations.