Ind. Code § 5-13-8-1

Deposit of public funds; prerequisites

Applied in 1 court decision — leading case 56 Fed. Cl. 477 - Hometown Financial, Inc. v. United States (2003)

Most recently applied in 56 Fed. Cl. 477 - Hometown Financial, Inc. v. United States (May 2003)

As added by P.L.19-1987, SEC.10

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.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.