Second Regular Session 117th General Assembly (2012)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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SENATE ENROLLED ACT No. 109
AN ACT to amend the Indiana Code concerning state offices and administration.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-13-4-7; (12)SE0109.1.1. -->
SECTION 1. IC 5-13-4-7 IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2012]: Sec. 7. Except as provided in
IC 5-13-9-5.3, "deposit accounts" means any of the following:
(1) Any account subject to withdrawal by negotiable orders of
withdrawal, unlimited as to amount or number, and without
penalty, including NOW accounts.
(2) Passbook savings accounts.
(3) Certificates of deposit.
(4) Money market deposit accounts.
(5) Any interest bearing account that is authorized to be set up
and offered by a financial institution in the course of its respective
SOURCE: IC 5-13-9-5.3; (12)SE0109.1.2. -->
SECTION 2. IC 5-13-9-5.3, AS ADDED BY P.L.115-2010,
SECTION 10, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2012]: Sec. 5.3. (a) For purposes of this section, "deposit
account" does not include a deposit account described in
In addition to the authority to invest in certificates of deposit
under section 5 of this chapter and in transaction accounts under
section 4 of this chapter,
and notwithstanding any other law, the board
of county commissioners of each county, and the fiscal body of each
political subdivision other than a county, may by ordinance or
resolution authorize the investing officer of each, respectively, to invest
public funds in
certificates of deposit interest bearing deposit
accounts in accordance with the following conditions:
(1) The funds are initially invested through a depository that is
selected by the investing officer.
(2) The selected depository arranges for the deposit of the funds
certificates of deposit interest bearing deposit accounts in
one (1) or more federally insured banks or savings and loan
associations, wherever located, for the account of the county or
(3) The full amount of the principal and any accrued interest of
certificate of deposit are covered by insurance of any federal
deposit insurance agency.
(4) The selected depository acts as a custodian for the county or
political subdivision with respect to the
certificates of deposit
issued for its account. deposits.
At On the same time date that the county's or political
subdivision's funds are deposited, and the certificates of deposit
are issued, the selected depository receives an amount of deposits
covered by insurance of any federal deposit insurance agency
from customers of other institutions, wherever located, at least
equal to the amount of the funds invested by the county or
political subdivision through the selected depository.
(b) (c) Public funds invested in accordance with subsection (a) (b)
are not subject to any security or pledging requirements that may
otherwise be applicable to the deposit or investment of public funds.
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