Indiana § 5-13-9-5 Authorization to invest in certificates of deposit; quotes from
depositories

Indiana Statutes

§ 5-13-9-5 — Authorization to invest in certificates of deposit; quotes from depositories

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 13 INVESTMENT OF PUBLIC FUNDS·Ch. 9 Deposit and Investment Powers

(a)The board of county commissioners of each county, and the fiscal body of each political subdivision other than a county, may, subject to the restrictions provided in IC 5-13-8-9, by ordinance or resolution authorize the investing officer of each, respectively, to invest in certificates of deposit of depositories that have not been designated by the local board of finance of either but have been designated by the state board of finance as a depository for state deposits under IC 5-13-9.5. An ordinance or a resolution adopted under this subsection must provide that the authority granted in the ordinance or resolution expires on a date that is not later than one (1) year after the date the ordinance or resolution is adopted.

(b)With respect to any money to be invested in a deposit accoun

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

(a) The board of county commissioners of each
county, and the fiscal body of each political subdivision other than a
county, may, subject to the restrictions provided in IC 5-13-8-9, by
ordinance or resolution authorize the investing officer of each,
respectively, to invest in certificates of deposit of depositories that have
not been designated by the local board of finance of either but have
been designated by the state board of finance as a depository for state
deposits under IC 5-13-9.5. An ordinance or a resolution adopted under
this subsection must provide that the authority granted in the ordinance
or resolution expires on a date that is not later than one (1) year after
the date the ordinance or resolution is adopted.
(b) With respect to any money to be invested in a deposit account
under subsection (a), the investing officer shall solicit quotes for the
certificates of deposit from at least three (3) depositories. If only one
(1) depository has been designated for the political subdivision by its
local board of finance, a quote must be solicited from that depository.
If two (2) or more depositories have been designated for the political
subdivision by its local board of finance, at least two (2) quotes must
be solicited from the depositories thus designated. The 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.
(c) If a deposit is not placed in the designated depository quoting the
highest rate of interest, the investing officer shall follow the procedures
and priority for placing deposits that are set forth in section 4 of this
chapter and note the reason for placing the deposit on the memorandum
of quotes.

Indiana § 5-13-9-5 (Authorization to invest in certificates of deposit; quotes from depositories) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

As added by P.L.19-1987, SEC.11. Amended by P.L.47-1991, SEC.1; P.L.18-1996, SEC.17; P.L.46-1997, SEC.13; P.L.115-2010, SEC.9; P.L.117-2018, SEC.2; P.L.230-2025, SEC.7.