Article 14.--BANKING CODE; DEPOSIT OF PUBLIC MONEYS
9-1401.Designation of depositories for municipal
and quasi-municipal
funds; duty of public officers; eligible depositories.
(a) The governing body of any municipal corporation or quasi-municipal
corporation shall designate by official action recorded upon its minutes
the banks, savings and
loan associations and savings banks which shall serve as depositories
of its
funds and the officer and official having the custody of such funds shall
not deposit such funds other than at such designated banks, savings and loan
associations and
savings banks. The banks,
savings and loan associations and savings banks
which
have main or branch offices in the county or counties in which all or part
of such
municipal corporation or quasi-municipal corporation is located shall be
designated as such official depositories if the municipal or
quasi-municipal corporation can obtain satisfactory security therefor.
(b) Every officer or person depositing public funds shall deposit all
such public funds coming into such officer or person's possession in their
name and official title as such officer. If the governing
body of the municipal corporation or quasi-municipal corporation
fails to designate an official depository or depositories, the officer thereof
having custody of its funds shall deposit such funds with one or more banks,
savings and loan
associations or savings banks which have main or
branch offices in the
county or counties in which all or part of such municipal corporation or
quasi-municipal corporation is located if satisfactory security can be
obtained therefor and if not then elsewhere, but upon so
doing shall serve notice in
writing
on the governing body showing the names
and locations of such banks, savings and loan
associations and savings banks where such funds are
deposited, and upon so doing the officer having custody of such funds shall
not be liable for the loss of any portion thereof except for official
misconduct or for the misappropriation of such funds by such officer.
(c) If eligible banks, savings and loan associations or
savings banks under subsections (a) or (b) cannot or will not provide an
acceptable bid, which shall include services, for the depositing of public
funds under this section, then banks, savings and loan associations or savings
banks which have main or branch offices
in an adjoining county to the county in which all or part of such municipal or
quasi-municipal corporation is located may receive deposits of such
municipal
corporation or quasi-municipal corporation, if such banks, savings and loan
associations or savings banks have been designated as official depositories
under subsection (a) and the municipal corporation or
quasi-municipal corporation can obtain satisfactory security therefor.
History: L. 1947, ch. 102, § 63; L. 1957, ch. 74, § 2; L. 1967,
ch. 447, § 30; L. 1972, ch. 35, § 1; L. 1982, ch. 52, § 1; L. 1983,
ch. 47, § 2; L. 1986, ch. 76, § 1; L. 1989, ch. 48, § 41;
L. 1997, ch. 180, § 3;
L. 2006, ch. 57, § 1; July 1.
Article 14.--BANKING CODE; DEPOSIT OF PUBLIC MONEYS
9-1401.Designation of depositories for municipal
and quasi-municipal
funds; duty of public officers; eligible depositories.
(a) The governing body of any municipal corporation or quasi-municipal
corporation shall designate by official action recorded upon its minutes
the banks, savings and
loan associations and savings banks which shall serve as depositories
of its
funds and the officer and official having the custody of such funds shall
not deposit such funds other than at such designated banks, savings and loan
associations and
savings banks. The banks,
savings and loan associations and savings banks
which
have main or branch offices in the county or counties in which all or part
of such
municipal corporation or quasi-municipal corporation is located shall be
designated as such official depositories if the municipal or
quasi-municipal corporation can obtain satisfactory security therefor.
(b) Every officer or person depositing public funds shall deposit all
such public funds coming into such officer or person's possession in their
name and official title as such officer. If the governing
body of the municipal corporation or quasi-municipal corporation
fails to designate an official depository or depositories, the officer thereof
having custody of its funds shall deposit such funds with one or more banks,
savings and loan
associations or savings banks which have main or
branch offices in the
county or counties in which all or part of such municipal corporation or
quasi-municipal corporation is located if satisfactory security can be
obtained therefor and if not then elsewhere, but upon so
doing shall serve notice in
writing
on the governing body showing the names
and locations of such banks, savings and loan
associations and savings banks where such funds are
deposited, and upon so doing the officer having custody of such funds shall
not be liable for the loss of any portion thereof except for official
misconduct or for the misappropriation of such funds by such officer.
(c) If eligible banks, savings and loan associations or
savings banks under subsections (a) or (b) cannot or will not provide an
acceptable bid, which shall include services, for the depositing of public
funds under this section, then banks, savings and loan associations or savings
banks which have main or branch offices
in an adjoining county to the county in which all or part of such municipal or
quasi-municipal corporation is located may receive deposits of such
municipal
corporation or quasi-municipal corporation, if such banks, savings and loan
associations or savings banks have been designated as official depositories
under subsection (a) and the municipal corporation or
quasi-municipal corporation can obtain satisfactory security therefor.
History: L. 1947, ch. 102, § 63; L. 1957, ch. 74, § 2; L. 1967,
ch. 447, § 30; L. 1972, ch. 35, § 1; L. 1982, ch. 52, § 1; L. 1983,
ch. 47, § 2; L. 1986, ch. 76, § 1; L. 1989, ch. 48, § 41;
L. 1997, ch. 180, § 3;
L. 2006, ch. 57, § 1; July 1.
Article 14.--BANKING CODE; DEPOSIT OF PUBLIC MONEYS
9-1401.Designation of depositories for municipal
and quasi-municipal
funds; duty of public officers; eligible depositories.
(a) The governing body of any municipal corporation or quasi-municipal
corporation shall designate by official action recorded upon its minutes
the banks, savings and
loan associations and savings banks which shall serve as depositories
of its
funds and the officer and official having the custody of such funds shall
not deposit such funds other than at such designated banks, savings and loan
associations and
savings banks. The banks,
savings and loan associations and savings banks
which
have main or branch offices in the county or counties in which all or part
of such
municipal corporation or quasi-municipal corporation is located shall be
designated as such official depositories if the municipal or
quasi-municipal corporation can obtain satisfactory security therefor.
(b) Every officer or person depositing public funds shall deposit all
such public funds coming into such officer or person's possession in their
name and official title as such officer. If the governing
body of the municipal corporation or quasi-municipal corporation
fails to designate an official depository or depositories, the officer thereof
having custody of its funds shall deposit such funds with one or more banks,
savings and loan
associations or savings banks which have main or
branch offices in the
county or counties in which all or part of such municipal corporation or
quasi-municipal corporation is located if satisfactory security can be
obtained therefor and if not then elsewhere, but upon so
doing shall serve notice in
writing
on the governing body showing the names
and locations of such banks, savings and loan
associations and savings banks where such funds are
deposited, and upon so doing the officer having custody of such funds shall
not be liable for the loss of any portion thereof except for official
misconduct or for the misappropriation of such funds by such officer.
(c) If eligible banks, savings and loan associations or
savings banks under subsections (a) or (b) cannot or will not provide an
acceptable bid, which shall include services, for the depositing of public
funds under this section, then banks, savings and loan associations or savings
banks which have main or branch offices
in an adjoining county to the county in which all or part of such municipal or
quasi-municipal corporation is located may receive deposits of such
municipal
corporation or quasi-municipal corporation, if such banks, savings and loan
associations or savings banks have been designated as official depositories
under subsection (a) and the municipal corporation or
quasi-municipal corporation can obtain satisfactory security therefor.
History: L. 1947, ch. 102, § 63; L. 1957, ch. 74, § 2; L. 1967,
ch. 447, § 30; L. 1972, ch. 35, § 1; L. 1982, ch. 52, § 1; L. 1983,
ch. 47, § 2; L. 1986, ch. 76, § 1; L. 1989, ch. 48, § 41;
L. 1997, ch. 180, § 3;
L. 2006, ch. 57, § 1; July 1.