<br><br> <br>Page 1 of 1 <br>41.070 Moneys to be deposited in state depositories -- Exceptions -- Designated <br>depositories -- Records of agencies. <br>(1) Unless otherwise expressly provided by law, no receipts from any source of state <br>money or money for which the state is responsible shall be held, used, or deposited <br>in any personal or special bank account, temporarily or otherwise, by any agent or <br>employee of any budget unit, to meet expenditures or for any other purpose. All <br>receipts of any character of any budget unit, all revenue collected for the state, and <br>all public money and dues to the state shall be deposited in state depositories in the <br>most prompt and cost-efficient manner available. However in the case of state <br>departments or agencies located outside Frankfort, and all state institutions, the <br>Finance and Administration Cabinet may permit temporary deposits to be made to <br>the accounts maintained by the agency, department, or institution in a bank which <br>has been designated as a depository for state funds for a period not to exceed thirty <br>(30) days, and may require that the money be forwarded to the State Treasury at the <br>time and in the manner and form prescribed by the cabinet. Nothing in this section <br>shall be construed as authorizing any representative of any agency, department, or <br>institution to enforce or cash, even for the purpose of a deposit, any check or other <br>instrument of value payable to the Commonwealth or any agency thereof. <br>(2) Each agency depositing its receipts directly with the State Treasurer shall do so in <br>the manner approved by the State Treasurer as agent in charge of public fund <br>deposits. <br>(3) The Department of Revenue may deposit receipts to the credit of the State Treasury <br>directly with a depository designated by the Treasurer and utilized by the <br>Commonwealth for its primary banking services. The State Treasurer, with the <br>approval of the Finance and Administration Cabinet, may authorize other agencies <br>to deposit receipts directly with a depository designated by the Treasury to the credit <br>of the State Treasury if the Treasurer prescribes the manner in which the deposit is <br>to be made, and the forms and reports to be filed with the Treasury Department. The <br>Finance and Administration Cabinet shall prescribe the forms and reports to be filed <br>with it when this type of deposit is made. <br>(4) Each department, agency, or other budget unit which receives funds to be deposited <br>into the State Treasury shall maintain records to report adequately each amount <br>received, from whom received, and date received. Agency records shall be easily <br>reconcilable with the information forwarded to the State Treasurer. <br>Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 46, effective June 20, 2005. -- Amended <br>1998 Ky. Acts ch. 118, sec. 2, effective July 15, 1998. -- Amended 1994 Ky. Acts <br>ch. 58, sec. 1, effective March 10, 1994. -- Amended 1982 Ky. Acts ch. 382, sec. 31, <br>effective July 15, 1982. -- Amended 1974 Ky. Acts ch. 74, Art. II, sec. 9(1). -- <br>Amended 1968 Ky. Acts ch. 119, sec. 1. -- Amended 1954 Ky. Acts ch. 244, sec. 1. -<br>- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>secs. 1922b-45, 4618-85, 4686. <br><br>