Sec. 1. (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.
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.
Structure Indiana Code
Title 5. State and Local Administration
Article 13. Investment of Public Funds
Chapter 8. Designation of Depositories
5-13-8-1. Deposit of Public Funds; Prerequisites
5-13-8-6. Forms; Filing Copy of Institution's Statement of Condition
5-13-8-7. Revocation of Commission of Depository to Do Business With Indiana Resident
5-13-8-13. Resignation as Depository
5-13-8-14. Prohibition of Designation of Depository for Disqualification Under Ic 5-22-16.5