§ 5-13-12-6 — Depositories; duty to file monthly report and pay assessment to insurance fund; failure to pay; forms

Indiana § 5-13-12-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 12: Board for Depositories

Text

(a) On or before the fifth day of each month,
every depository that had public funds on deposit with it during the
preceding month shall:
(1) file with the board for depositories a certified report under
oath showing for the preceding month the amount of the
assessment base and the amount of the monthly assessment due
the insurance fund, as determined under section 5 of this chapter;
and
(2) pay the insurance fund the amount of the monthly assessment
it is required to certify. The board for depositories may waive all
or part of the reporting requirement under this section during any
period when the board does not levy an assessment.
(b) If any depository fails to pay the insurance fund on or before the
fifth day of each one (1) month period the full assessment due from it
for the preceding one (1) month period on account of public funds
deposited with it, the depository is liable for double the assessment.
This amount may be recovered in any court of competent jurisdiction
in a civil action by the state on the relation of the board for
depositories.
(c) The state board of accounts, with the approval of the attorney
general, shall prepare and prescribe the forms of reports required by
this section.

Legislative History

As added by P.L.19-1987, SEC.14.