Indiana § 5-13-8-1 Deposit of public funds; prerequisites

Indiana Statutes

§ 5-13-8-1 — Deposit of public funds; prerequisites

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 13 INVESTMENT OF PUBLIC FUNDS·Ch. 8 Designation of Depositories

(a)A political subdivision may deposit public funds in a financial institution only if the financial institution:

(1)is a depository eligible to receive state funds; and

(2)has a principal office or branch that qualifies under section 9 of this chapter to receive public funds of the political subdivision.

(b)The state board of finance shall make available information concerning financial institutions eligible to receive state funds as may be requested by a local board of finance. A local board of finance may rely on certificates described in IC 5-13-9.5-1(d) in determining to deposit public funds or reinvest public funds in the financial institution.

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(a) A political subdivision may deposit public
funds in a financial institution only if the financial institution:
(1) is a depository eligible to receive state funds; and
(2) has a principal office or branch that qualifies under section 9
of this chapter to receive public funds of the political subdivision.
(b) The state board of finance shall make available information
concerning financial institutions eligible to receive state funds as may
be requested by a local board of finance. A local board of finance may
rely on certificates described in IC 5-13-9.5-1(d) in determining to
deposit public funds or reinvest public funds in the financial institution.

Indiana § 5-13-8-1 (Deposit of public funds; prerequisites) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.19-1987, SEC.10. Amended by P.L.5-1988, SEC.37; P.L.66-1989, SEC.1; P.L.44-1990, SEC.2; P.L.2-1993, SEC.47; P.L.74-1995, SEC.2; P.L.18-1996, SEC.7; P.L.46-1997, SEC.5.