The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-02-04
TO PREVENT PUBLIO LOSSES.

Senate Bill No. ESQ, by Eli w. Brown,
Senator from Allen and Whitley.
An Act to establish State and County Boards OF
Finance prescribing their duty, and that OF
others connected Herewith.
Be 1t enacted by the General Assembly OF the
State OF Indiana:
Section L. That the Governor, the Auditor OF
State, and the Attorney General shall constitute,
ez officio, State Board of Finance, whose duty
it shall be to select ana designate certain persons
or banks or depOsitaries for the public moneys OF
the State.
Sec . Immediately after the passage OF this
act, or within ten days from the taking effect
thereof. the said State BOARD of Finance sha IL
meet at the Office OF the Auditor OF State, and
shall select designate and name such banks and
persons as may sppear best to them for such pur-
pose as depositaries OF the public moneys OF the
Sec 8. Such bank and per.ons so named shall
be notified of their designation as such deposit
taries by the Auditor of State and If
agreeing thereto shall file their bond in such Pc
nal sums as may be required by the State Board Of
Finance. Such bond snail be conditioned for the
ssfe-keeping OF the public moneys and the repay
ment thereof on demand to the proper officer in
person: such bond shall be made payable to the
state OF lndiaas, with sureties to be approved by
the said State Board of Finance, and shall for
one year and be renewable at the end thereof
upon approval BY the said Board aforesaid said
oonds snail be deposited In the office OF the
AuOltOr OF SLdtc duQ snail De suaDle DV Ia state
upon the relation OF the attorney General for any
breach or defalc stion therein.
Sec 4. Upon the fling and approval OF the
bond OF such designated ceDOsila-ies Aforesaid
the Auditor OF State shall forth with notify the
Treasurer OF State OF the u tmes and places of
such designated depOsitaries such notice shall be
IN writing, and upon receipt thereof the
with such DESIGNATED depositaries the
public moneys in his hands as they accrue and
such depOsitaries shall hold and safely keep such
moneys subject TO the order or draft of the said
State Treasurer therefor.
Sec. 5. The Board OF County Commissioners
in the respective counties OF this State are hereby
established as County Boards of Finance herein,
whose duty it shall be, with the advice and ap-
prOval of the County Auditor, TO select and des-
ignate certain banks persons the depositarles
of the public moneys of the county and townships
Sec. 6. AT the first regular meeting OF said
Board after the taking effect of this act the said
Commissioners shall. by an order entered upon
their records, name and designate certain banks
or persons as depositsries ioI the public moneys
OF the county and townships.
Sec. z. The County Auditor shall thereupou no.
ttiy in writing the said depostares of their deSg
nation. IL such designation be assented to by the
parties named they shall Immediately thereafter
file bond, payable to the State, conditioned for
The sale keeping OF any public funds deposited
with them. and for their repayment thereof upon
demand by the person or officers entitled thereto
Sec s.. Upon the filing OF sueh bonds by such
depostarles the County Auditor shall I'M
medately notify the County Treasurer
and the several Township Trustees
Of the names and places OF business OF such deSg.
mated depositaries; such notification shall be IN
writing. aud the said Treasurer and the said
Trustees shall thereafter deposit the public funds
in their pos esSion with such depostaries subject
to their draft or order therefor.
Sec The bonds OF such depositaries shall
be made in such penal sum, and with
such suretes ss may, by the Board
of Commissioner. be approved OF; shall be
FLED with the County Auditor, and shall be
suable in the names of the State upon the rela-
ton OF any officer or person injured By any
breach thereof.
Sec. 10. If any interest accrue upon any
donOCifQ0 ac chan ha
counted for and paid over as part Of the origi-
nal fund on the account of which the said
moneys were so deposited.
Sec. IL. The bonds OF county depositaries shall
run for the period of one year. At the expiration
OF which time they shall be renewed in the same
manner. and subject to the same approval, as pro-
vided herein for their original execution.