Second Regular Session 117th General Assembly (2012)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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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 business.
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 IC 5-13-4-7(5).
    (b)
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 in 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 political subdivision.
        (3) The full amount of the principal and any accrued interest of each 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.
        (5) 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.


SEA 109

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