Indiana § 5-13-9-5.3 Authorization to invest in interest bearing deposit accounts; conditions;
exemption from security or pledging requirements

Indiana Statutes

§ 5-13-9-5.3 — Authorization to invest in interest bearing deposit accounts; conditions; exemption from security or pledging requirements

Indiana § 5-13-9-5.3

Title 5STATE AND LOCAL ADMINISTRATION

Art. 13INVESTMENT OF PUBLIC FUNDS

Ch. 9Deposit and Investment Powers

This text of Indiana § 5-13-9-5.3 (Authorization to invest in interest bearing deposit accounts; conditions; exemption from security or pledging requirements) 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 § 5-13-9-5.3 (2026).

Text

3.

(a)For purposes of this section, "deposit account" does not include a deposit account described in IC 5-13-4-7(5).

(b)In addition to the authority to invest in certificates of deposit under section 5 of this chapter and in transaction accounts under section 4 of this chapter, and notwithstanding any other law, the board of county commissioners of each county, and the fiscal body of each political subdivision other than a county, may by ordinance or resolution authorize the investing officer of each, respectively, to invest public funds in interest bearing deposit accounts in accordance with the following conditions:

(1)The funds are initially invested through a depository that is selected by the investing officer.

(2)The selected depository arranges for the deposit of the funds in i

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3. (a) For purposes of this section, "deposit
account" does not include a deposit account described in IC 5-13-4-7(5).
(b) In addition to the authority to invest in certificates of deposit
under section 5 of this chapter and in transaction accounts under
section 4 of this chapter, and notwithstanding any other law, the board
of county commissioners of each county, and the fiscal body of each
political subdivision other than a county, may by ordinance or
resolution authorize the investing officer of each, respectively, to invest
public funds in interest bearing deposit accounts in accordance with the
following conditions:
(1) The funds are initially invested through a depository that is
selected by the investing officer.
(2) The selected depository arranges for the deposit of the funds
in interest bearing deposit accounts in one (1) or more federally
insured banks or savings and loan associations, wherever located,
for the account of the county or political subdivision.
(3) The full amount of the principal and any accrued interest of
each deposit are covered by insurance of any federal deposit
insurance agency.
(4) The selected depository acts as a custodian for the county or
political subdivision with respect to the deposits.
(5) On the same date that the county's or political subdivision's
funds are deposited, the selected depository receives an amount
of deposits covered by insurance of any federal deposit insurance
agency from customers of other institutions, wherever located, at
least equal to the amount of the funds invested by the county or
political subdivision through the selected depository.
(c) Public funds invested in accordance with subsection (b) are not
subject to any security or pledging requirements that may otherwise be
applicable to the deposit or investment of public funds.