§ 5-13-5-6 — Financial institution continuation qualification as depository

Indiana § 5-13-5-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 5: General Provisions

Text

(a) A financial institution that is a depository for
the state on March 21, 1996, and any successor financial institution,
continues to be a depository for the state after March 21, 1996, without
reapplying under IC 5-13-10.5, until the earliest of the following
occurs:
(1) The board of depositories revokes the status of the financial
institution as a depository.
(2) The financial institution notifies the state board of finance that
the financial institution is resigning as a depository for the state.
(3) Another law terminates the depository status of the financial
institution.
A financial institution that qualifies under this subsection as a
depository for the state after March 21, 1996, shall be treated after
March 21, 1996, as if the financial institution were designated as a
depository under IC 5-13-10.5.
(b) A financial institution that is a depository for a political
subdivision on March 21, 1996, and any successor financial institution
continues to be a depository for the political subdivision after March
21, 1996, without reapplying under IC 5-13-10.5 or IC 5-13-8-1, until
the earliest of the following occurs:
(1) The state board of finance revokes the status of the financial
institution as a depository.
(2) The financial institution notifies the state board of finance or
the local board of finance for the political subdivision that the
financial institution is resigning as a depository for the political
subdivision.
(3) Another law terminates the depository status of the financial
institution.
A financial institution that qualifies under this subsection as a
depository for a political subdivision after March 21, 1996, shall be
treated after March 21, 1996, as if the financial institution were
designated as a depository under IC 5-13-8.
(c) Subject to IC 5-13-8-9, a financial institution that is a depository
for the state on March 21, 1996, and any successor financial institution
is eligible after March 21, 1996, to become a depository for any
political subdivision for which the financial institution is not already a
depository without reapplying under IC 5-13-10.5 or IC 5-13-8-1. A
financial institution that qualifies under this subsection as a depository
for a political subdivision after March 21, 1996, shall be treated after
March 21, 1996, as if the financial institution were designated as a
depository under IC 5-13-8.
(d) The treasurer of state shall add any financial institution that
qualifies as a depository for political subdivisions under subsection (b)
or (c) to the list of depositories eligible to receive the public funds of
political subdivisions under IC 5-13-8-1.

Legislative History

As added by P.L.16-2009, SEC.12.