Jasper County Democrat, Volume 9, Number 50, Rensselaer, Jasper County, 16 March 1907 — PUBLIC DEPOSITORIES. [ARTICLE]

PUBLIC DEPOSITORIES.

The public depository act applies to all counties and to all funds, including those of the township, town, city, school town and school city. County and state, boards of finance are created in each corporation to have the custody of funds and to place them on deposit to yield interest of at least 2 per cent, on daily balances, per cent, on semi-annual time deposits. Any bank or trust company may become a depository of public funds provided it file a real estate bond or a bond of a surety company or deposit collateral which shall consist of bonds of the United States, of the State of Indiana or of cities and towns of the State. Funds belonging to the town, city, school town, school city, or township must be deposited in a depository within the respective communities; county funds may be deposited in any bank of the county, and State funds in any bank of the State, provided of course that the requirements by which a bank or trust company may become a public depository have been met. State officers and boards having offices in the State House shall make daily settlements with the Treasurer of State and other State officers and boards shall make settlements once a month. The State Treasurer shall make daily deposits of the funds coming into his possession. All county, city and town officers must make daily deposits, and semi-monthly deposits must be made by township trustees. The Governor, Auditor of State and Treasurer of State shall constitute the State board of finance. The county board shall consist of the county commissioners, the city board of the mayor and City Council, the township board of the township trustees, and the school, town or school city board of the school trustees aud the advisory boards of the school, town or school city. The depository law will become effective on December 1 of the present year. At that date the new schedule of salaries for county treasurers will also go into effect.