§ 5-13-6-1 — Procedure for deposit of public funds

Indiana § 5-13-6-1

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 13: INVESTMENT OF PUBLIC FUNDS
• Ch. 6: Deposit of Public Funds

Text

(a) All public funds paid into the treasury of the
state or the treasuries of the respective political subdivisions shall be
deposited not later than the business day following the receipt of funds
on business days of the depository in one (1) or more depositories in
the name of the state or political subdivision by the officer having
control of the funds.
(b) Except as provided in subsections (d), (f), and (g), all public
funds collected by state officers, other than the treasurer of state, shall
be deposited with the treasurer of state, or an approved depository
selected by the treasurer of state not later than the business day
following the receipt of the funds. The treasurer of state shall deposit
daily on business days of the depository all public funds deposited with
the treasurer of state. Deposits do not relieve any state officer from the
duty of maintaining a cashbook under IC 5-13-5-1.
(c) Except as provided in subsections (d) and (g), all local officers,
except township trustees, who collect public funds of their respective
political subdivisions, shall deposit funds not later than the business
day following the receipt of funds on business days of the depository
in the depository or depositories selected by the several local boards of
finance that have jurisdiction of the funds. The public funds collected
by township trustees shall be deposited in the designated depository on
or before the first and fifteenth day of each month. Public funds
deposited under this subsection shall be deposited in the same form in
which they were received.
(d) Except as provided in subsection (g), a city (other than a
consolidated city) or a town shall deposit funds not later than the next
business day following the receipt of the funds in depositories:
(1) selected by the city or town as provided in an ordinance
adopted by the city or the town; and
(2) approved as depositories of state funds.
(e) All local investment officers shall reconcile at least monthly the
balance of public funds, as disclosed by the records of the local
officers, with the balance statements provided by the respective
depositories.
(f) An office of:
(1) the department of natural resources; or
(2) the department of state revenue;
that is detached from the main office of the department is not required
to deposit funds on the business day following receipt if the funds on
hand do not exceed five hundred dollars ($500). However, the office
must deposit the funds on hand not later than the business day
following the day that the funds exceed five hundred dollars ($500).
(g) The following are not required to deposit funds on the business
day following receipt if the funds on hand do not exceed five hundred
dollars ($500):
(1) An office of the legislative branch of state government.
(2) A local officer of a political subdivision required to deposit
funds under subsection (c) other than a township trustee.
(3) A city or a town required to deposit funds under subsection
(d).
However, the funds on hand must be deposited not later than the
business day following the day that the funds exceed five hundred
dollars ($500).

Legislative History

As added by P.L.19-1987, SEC.8. Amended by P.L.45-1990, SEC.1; P.L.45-1991, SEC.1; P.L.18-1994, SEC.3; P.L.18-1996, SEC.6; P.L.10-1997, SEC.7; P.L.35-1999, SEC.4; P.L.234-2007, SEC.295; P.L.151-2012, SEC.4; P.L.139-2015, SEC.1.