<br><br>91A.060 Official depositories. <br>(1) The executive authority shall designate as the city's official depositories one (1) or <br>more banks, federally insured savings and loan companies or trust companies within <br>the Commonwealth. The amount of funds on deposit in an official depository shall <br>be fully insured by deposit insurance or collateralized in accordance with 12 U.S.C. <br>sec. 1823, to the extent uninsured, by any obligations, including surety bonds <br>permitted by KRS 41.240(4). <br>(2) All receipts from any source of city money or money for which the city is <br>responsible, which has not been otherwise invested or deposited in a manner <br>authorized by law, shall be deposited in official depositories. All city funds shall be <br>disbursed by written authorization approved by the executive authority which shall <br>state the name of the person to whom funds are payable, the purpose of the payment <br>and the fund out of which the funds are payable. Each authorization shall be <br>numbered and recorded. <br>Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 207, sec. 1, effective July 14, 2000. -- Created <br>1980 Ky. Acts ch. 232, sec. 6, effective July 15, 1980. <br><br>