Indiana § 5-13-9-4 Deposit, investment, or reinvestment of funds in transaction accounts;
certificates of deposit; deposit accounts

Indiana Statutes

§ 5-13-9-4 — Deposit, investment, or reinvestment of funds in transaction accounts; certificates of deposit; deposit accounts

Indiana § 5-13-9-4

Title 5STATE AND LOCAL ADMINISTRATION

Art. 13INVESTMENT OF PUBLIC FUNDS

Ch. 9Deposit and Investment Powers

This text of Indiana § 5-13-9-4 (Deposit, investment, or reinvestment of funds in transaction accounts; certificates of deposit; deposit accounts) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 5-13-9-4 (2026).

Text

(a)Each officer designated in section 1 of this chapter may, subject to the restrictions provided in IC 5-13-8-9, deposit, invest, or reinvest any funds that are held by the officer and available for investment in transaction accounts issued or offered by a designated depository of a political subdivision for the rates and terms agreed upon periodically by the officer making the investment and the designated depository.

(b)The investing officer making a deposit in a certificate of deposit shall obtain quotes of the specific rates of interest for the term of that certificate of deposit that each designated depository will pay on the certificate of deposit. Quotes may be solicited and taken by telephone. A memorandum of all quotes solicited and taken shall be retained by the investing offi

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Each officer designated in section 1 of this
chapter may, subject to the restrictions provided in IC 5-13-8-9,
deposit, invest, or reinvest any funds that are held by the officer and
available for investment in transaction accounts issued or offered by a
designated depository of a political subdivision for the rates and terms
agreed upon periodically by the officer making the investment and the
designated depository.
(b) The investing officer making a deposit in a certificate of deposit
shall obtain quotes of the specific rates of interest for the term of that
certificate of deposit that each designated depository will pay on the
certificate of deposit. Quotes may be solicited and taken by telephone.
A memorandum of all quotes solicited and taken shall be retained by
the investing officer as a public record of the political subdivision
under IC 5-14-3. If the deposit is not placed in the designated
depository quoting the highest rate of interest, the investing officer
shall:
(1) place the deposit in the depository quoting the second or third
highest rate of interest; and
(2) note the reason for placing the deposit on the memorandum of
quotes.
(c) If all of the designated depositories of a political subdivision
decline to issue or receive any deposit account, or to issue or receive
the deposit account at a rate of interest equal to the highest rate being
offered other investors, investments may be made in the deposit
accounts of any financial institution designated for state deposits as a
depository by the state board of finance under IC 5-13-9.5.

Legislative History

As added by P.L.19-1987, SEC.11. Amended by P.L.50-1988, SEC.1; P.L.44-1990, SEC.7; P.L.57-1993, SEC.6; P.L.18-1996, SEC.16; P.L.46-1997, SEC.12; P.L.173-2003, SEC.2; P.L.115-2010, SEC.8; P.L.117-2018, SEC.1; P.L.213-2025, SEC.61; P.L.223-2025, SEC.2; P.L.230-2025, SEC.6.