CHAPTER 11. INVESTMENT CASH MANAGEMENT SYSTEM

IC 5-13-11
    Chapter 11. Investment Cash Management System

IC 5-13-11-1
Contract with depository
    Sec. 1. The county board of finance for a county described inIC 5-13-7-1 or the fiscal body for any other political subdivision andthe investing officer of a political subdivision may contract with adepository for the operation of an investment cash managementsystem.
As added by P.L.19-1987, SEC.13. Amended by P.L.46-1991, SEC.2.

IC 5-13-11-2
Requirements of contract; awarding of contract
    Sec. 2. (a) The contract must:
        (1) be in writing;
        (2) provide for the investment of funds by the depository withthe approval of the investing officer;
        (3) provide that the depository keep those records concerningthe investment cash management system that the politicalsubdivision would maintain for audits by the state board ofaccounts;
        (4) provide that investments will be made in accordance withthis article;
        (5) not have a term of more than two (2) years; and
        (6) be awarded under the bidding provisions of IC 5-22.
    (b) If no designated depository whose principal office or branchis located within the political subdivision will provide an investmentcash management service permitted in this chapter, then the contractfor an investment cash management service must be awarded asprovided in IC 5-13-8-9(c). If the investment cash managementservice contract is awarded to a financial institution whose principaloffice or branch is located outside the political subdivision, then therecipient of the contract does not constitute a designated depositoryof the political subdivision for purposes of investment underIC 5-13-9-3 unless it meets the limitations of IC 5-13-9-4 orIC 5-13-9-5, but does constitute a depository under this article for allother purposes.
As added by P.L.19-1987, SEC.13. Amended by P.L.49-1997,SEC.28.

IC 5-13-11-2.5
Contract renewal
    Sec. 2.5. (a) A contract may be renewed under this chapter if thecounty board of finance for a county subject to IC 5-13-7-1 or thefiscal body of a political subdivision and the investing officer of thepolitical subdivision agree with the depository to renew the contractunder the same terms or better terms as the original contract.
    (b) The term of a renewed contract may not be longer than theterm of the original contract.    (c) A contract may be renewed any number of times.
As added by P.L.173-2003, SEC.3.

IC 5-13-11-3
Service charge
    Sec. 3. The contract may provide for the depository to assess aservice charge for its management of the investment cashmanagement system. The service charge may be paid by directcharge to the deposit or other account or in any other mannermutually agreed upon by the investing officer and the depository.
As added by P.L.19-1987, SEC.13. Amended by P.L.66-1989, SEC.2.

IC 5-13-11-4
Monthly report of transactions
    Sec. 4. The depository shall furnish the political subdivision withat least one (1) report each month of transactions concerning theinvestment cash management system.
As added by P.L.19-1987, SEC.13.

IC 5-13-11-5
Interest or accretion
    Sec. 5. The depository shall credit any interest or other accretionfrom an investment to the investment account of the politicalsubdivision. The interest or accretion becomes a part of the principalin that account.
As added by P.L.19-1987, SEC.13.