or otherwise affect any act providing for the transfer of moneys from the general fund for the benefit of the elementary schools, the high schools, the university, the interest and sinking fund, or any other bond interest fund; provided, also, that this act shall not in any manner affect acts creating statutory salaries, or acts whereby the regular annual expenditure of fixed sums for any public purpose is provided for. All acts or parts of acts inconsistent herewith are hereby repealed. ACT 2830. An act to provide for and regulate the deposit of county and municipal moneys in banks and banking corporations, limiting the amount of public moneys that may be deposited therein, and providing a penalty for the illegal deposit and use thereof. [Approved March 23, 1907. Stats. 1907, p. 974.] Amended 1. 1913, p. 107. 2. 1921, p. 1425. 3. Repealed 1923, p. 29. See next act. ACT 2831. An act to authorize and control the deposit in banks of money belonging to or in the custody of any county or municipality within this state, and to repeal all acts or parts of acts in conflict with this act. [Approved April 12, 1923. Stats. 1923, p. 25.] See next act. § 1. Deposit of city and county funds. Depositaries: how selected. Limit on amount. Expense of transporting moneys. Period of deposit. § 2. § 3. § 4. Interest on deposits: determination of. Disposition of. § 5. Security of inactive deposits. Security of active deposits. Security on deposits outside of county. Limit. Approval. Additional security. Liquidation of securities in event of default. Termination of surety bonds. § 1. Deposit of city and county funds. Depositaries: how selected. Limit on amount. Expense of transporting moneys. Period of deposit. All moneys belonging to or in the custody of any county or municipality within the state, shall, so far as possible, be deposited in such state or national bank or banks in the state as the treasurer of the county or municipality as the case may be, or other official having the legal custody thereof, shall select for the safekeeping of such deposits, and any sum so deposited shall be deemed to be in the .treasury of such county or municipality; provided, that the bank or banks in which such money is deposited shall furnish security as hereinafter provided; and provided, further, that such depositary bank or banks be selected from those agreeing to pay the highest rate of interest, not less than two per cent per annum, for such deposits, as may be determined by bids to be submitted at such times and in such manner as the treasurer shall direct; and provided, further, that such deposit shall not exceed the paid-up capital exclusive of reserve and surplus, of any depositary bank; and provided, that no treasurer of a county or of a municipality shall deposit more than twenty per cent of the public moneys under his control in any one bank. Any and all bids may be rejected by the treasurer and new bids asked for. The expense of transportation of moneys to and from such county or municipal treasury to such depositaries shall be borne by such depositaries and they shall handle, collect and pay all checks, drafts and other exchange without cost to such county or municipality. Such deposits, with interest thereon, shall be subject to withdrawal at any time upon the demand of the treasurer or other authorized official, unless the treasurer, with the consent of the governing body of the county or municipality shall deposit any part of such moneys upon different terms; provided, that no agreement for the deposit of said moneys shall be for a longer period than one year; and provided, further, that such treasurer is hereby authorized, under such conditions as he with the approval of the governing body of such county or municipality may fix, to deposit moneys in any bank or banks within or without this state, necessary for the payment of the principal and interest of bonds at the place or places at which the same are payable, and the provi sions of this act shall not apply to deposits for such purposes. § 2. Interest on deposits: determination of. Disposition of. The in terest to be paid by any such depositary bank shall be on the average daily balances of the moneys kept on deposit therewith, and shall be payable quarterly. The treasurer of the county or municipality, as the case may be, shall render to such depositary and to the county auditor a statement showing the amount of accrued interest for each such depositary for the preceding quarter. Interest on all moneys deposited as herein provided for shall belong to the county or municipality represented by the officer making such deposit, and shall be paid quarterly into the general fund of such county or municipality, except where the law otherwise directs. § 3. Active and inactive deposits. Deposits with Federal Reserve Bank. There shall be two classes of deposits; one shall be known as active deposits and the other as inactive deposits. The county or municipal treasurer, with the consent of the governing body of the county or municipality, shall determine what amount of money shall be deposited as active deposits and what amount of money shall be deposited as inactive deposits. Such treasurer may call in moneys from inactive deposits and place them in active deposits, when it shall be necessary to do so for the purpose of providing for current demands; and, when there are inactive moneys in his possession for which there are no demands, said inactive moneys may be placed as active deposits. When there are no demands for either active or inactive moneys, such treasurer may deposit with the Federal Reserve Bank of San Francisco any gold coin or other moneys in his possession and take from said bank a certificate or other exchange showing such deposit. The provisions of this act shall not apply to such deposits with the federal reserve bank. § 4. Security of inactive deposits. Security of active deposits. Security on deposits outside of county. Limit. Approval. For the security of inactive deposits there shall be deposited with such treasurer treasury notes or bonds of the United States, or of this state or of any county, municipality, school district or irrigation district within this state, which bonds shall be approved by the treasurer and attorney of the county or municipality. The market value of the bonds furnished shall be at least ten per cent in excess of the amount of the deposit secured thereby; but the amount of the deposit shall in no case exceed the face value of the bonds furnished as security therefor. For the security of active deposits, there shall be deposited with such treasurer, treasury notes or bonds of the United States or of this state, or of any county, municipality, school district or irrigation district within this state, or the surety bond or bonds of any corporation or corporations qualified to act as sole surety on bonds or undertakings required by the laws of this state; provided, that the furnishing of surety bonds shall be optional with the treasurer; provided, however, that when there is no qualified bank within the county owning the money, or the county within which the municipality owning the money is situated requesting such active deposit, and offering any of the classes of securities, including surety bonds, herein provided for such deposits, then no such surety bond or notes or bonds shall be accepted as security for active deposit in banks outside of such county while any notes or bonds of the United States, or of this state, or of any county, municipality, school district, or irrigation district within the state shall be offered as security for active deposits by any bank in the state qualified to accept such deposits; provided, further, that the penalty or the aggregate of the penalties of any surety bond or bonds covering deposits in any one bank given by any surety company shall not exceed ten per cent of the capital and surplus of such company, according to the statement thereof contained in the last preceding report issued by the United States treasury department, but in fixing such limit there shall be deducted from such penalty the amount of any reinsurance the terms of which inure directly to the county or municipality making the deposit, placed with a company qualified to execute bonds hereunder within the limits applicable to said company and evidence of such reinsurance shall be furnished to the treasurer making the deposit within twenty days after the date of such surety bond. Such securities shall be approved by the treasurer and attorney of such county or municipality to an amount in value at least ten per cent in excess of the amount of the deposit with such bank or banks. No surety bond shall be accepted from any surety company, unless said company shall be approved by the insurance commissioner of the state as a company possessing the qualifications herein required to secure the deposit of county and municipal funds, and it shall be the duty of said commissioner to issue such certificate on demand of the proper county or municipal officer showing the qualifications of such companies; and, unless said company shall also hold a certificate of authority from the United States treasury department as being acceptable as a surety on federal bonds. The form of bonds required under this act shall be approved by the attorney for such county or municipality. § 5. Additional security. Liquidation of securities in event of default. Termination of surety bonds. If in any case or at any time the security deposited with such treasurer is not deemed satisfactory by such treasurer, he may require such additional security as may be satisfactory to him. Such security, or any part thereof, may be withdrawn or released on the written consent of such treasurer and the attorney of the county or municipality; provided, that a sufficient amount of said notes or bonds or, when permissible, surety bonds of sufficient penalties, to secure said deposits shall always be kept in the treasury; and in the event that any said bank or banks of deposit shall fail to pay such deposits, or any part thereof, on the demand of the treasurer, then it shall be the duty of such treasurer to forthwith recover upon or convert said notes or bonds into money and to disburse the same according to law. The surety upon such surety bond may terminate such bond as to future liability by giving fifteen days' notice in writing of such termination to the treasurer, and upon receipt of such notice, the treasurer shall require other security in lieu thereof, or shall withdraw the funds covered by said surety bond within said period of fifteen days, but such notice of termination shall not affect any liability accruing prior to the expiration of said period of fifteen days. § 6. Contracts with depositaries. Quarterly statements. Such treasurer shall take from such depositary or depositaries a written contract in triplicate, setting forth the conditions upon which funds are deposited therewith, one of which shall be filed with the auditor of such county or municipality. Each depositary shall render,. quarterly, to such treasurer a statement, in triplicate, showing the daily balances or amount of money of such county or municipality held by it during the quarter and the amount of accrued interest thereon separately, one of which shall be filed by the treasurer with the auditor of such county or municipality. § 7. Indemnity bonds to meet depreciations. Such treasurer with the approval of the attorney of the county or municipality, shall, if in his judgment it shall appear necessary for the security of the county or municipality, require said banks of deposit to give an indemnity bond, the sureties on which shall not be interested as stockholders in said bank or banks to be approved by the treasurer and such attorney, to secure such county or municipality against loss by any depreciation in value that may occur in such bonds held by him as security for the safekeeping and prompt payment of the moneys in such banks. § 8. Responsibility of treasurer. Such treasurer shall not be respon sible for any moneys deposited in a bank or in banks under the provisions of this act, while the same remain there deposited under the terms of this act; but such treasurer shall be chargeable with the safekeeping, management and disbursement of the bonds and certifi cates of deposit deposited with him as security for deposits of such moneys, and with the interest thereon, and the proceeds of any sale under the provisions of this act. § 9. Receipts for deposits. Withdrawal by check. At the time of depositing any moneys in any bank, designated as a depositary, such treasurer shall take and preserve a receipt, certificate of deposit, or such other evidence of the deposit as the treasurer may require. The money so deposited may be drawn out by the check or order of such treasurer. § 10. Other official deposits. All moneys belonging to any county or municipality within the state under the control of any officer or employee thereof other than a county or city treasurer, shall be deposited as active deposits in such state or national bank or banks in this state as such officer or employee may select; and provided, that the bank or banks in which said moneys are deposited may be required to pay interest thereon and shall furnish security for such deposits as herein provided for active deposits. § 11. Moneys received by tax collectors. All moneys under the control of any tax collector of any county or municipality must be immediately deposited with the treasurer of any such county or municipality; provided, that any such moneys may, under permission and instructions of the treasurer having authority so to do, be deposited by such tax collector in any bank selected as a depositary in accordance with the provisions of this act. § 12. Penalty. Any officer or employee of any county or municipality of this state who deposits any money belonging to or in the custody of such county or municipality in any manner other than as prescribed in this act shall be subject to forfeiture of his office or employment. § 13. Stats. 1907, p. 974, repealed. An act entitled "An act to provide for and regulate the deposit of county and municipal moneys in banks and banking corporations, limiting the amount of public moneys that may be deposited therein, and providing a penalty for the illegal deposit and use thereof," approved March 23, 1907, and all acts amending said act and all acts and parts of acts in conflict with this act are hereby repealed. ACT 2832. An act to authorize the deposit of state moneys in banks in this state, and to repeal all acts or parts of acts in conflict with this act. [Approved March 20, 1905. Stats. 1905, p. 323.] Repealed 1907, p. 67. See next act. ACT 2833. An act to authorize the deposit of state moneys in banks in this state, and to repeal all acts or parts of acts in conflict with this act. [Approved February 28, 1907. Stats. 1907, p. 67.] Amended 1911, p. 482; 1913, p. 108; repealed 1923, p. 21. Act 2834. ACT 2834. See post, An act to authorize and control the deposit in banks of money belonging to or in the custody of the state and to repeal all acts or parts of acts in conflict with this act. [Approved April 12, 1923. Stats. 1923, p. 21.] See prior act. |