Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1895-03-08
COUNTY REPOSITORIES.
rs. B. No. $751;

rs. B. No. 65.1
An Act to Secure the Safe Keeping of al
Funds Coming Into the Hands of Count,
Treasurers ny Prescribing and Regulat
ing the Deposit Thereof.
Be 1t enacted, etc.:
SECTION l. All funds Of each and every
county Of this state shall be deposited by
the county treasurer thereof, as soon as re.
celved by him, in the name of the county
OF, which he is an officer. in such bank or
banks rs shall have been designated as
county repositories, in accordance with
this act, as hereinafter provided.
E z. 1t h q be the duty of the board
Of county commissioners of each and every
county in the state, at its first regular
meeting in July, 1896, and at its first regu-
lar meeting in January of each second
year thereafter, to designate one or more
national or state banks in their respective
all the funds of said county shall be de-
posted.
SEC. 8. The county auditor of each
county shall advertise in one or more news
papers published in the county, for at least
W weeks Immediately prior to said above
mentioned meetings, for sealed proposals
TOR the deposit of the funds of said county,
IN accordance with this act. Said adver-
tisement shall state the date until which
proposals will be received, which date shall
De at the first day of the meeting at which
the proposals are to be opened. Said pro-
posals shall state in writing what rate of
interest will be paid ON the average daily
balance on deposit during the month, in.
terest to be paid monthly on condition that
said fundS.W with accrued interest, shall be
held subject to draft at all times on de-
mand: Said proposals shall be enclosed in
sealed envelopes, addressed to the county
auditor and marked proposals tor deposit
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county auditor filed in his office.
Sea. At the above mentioned meeting
OF said board of county commissioners said
proposals shall be presented by the county
auditor, and then, and not until then,
opened by. him in the presence OF said
board, which shall proceed to consider
them, accepting the proposal of the bank
est not inconsistent with this act, subject
to the filing of a satisfactory bond, as here
matter provided, the amount of which
bond shall then and there be fixed by said
board. Before any bank shall be desig-
mated as such depository it shall submit to
me board OF county commissioner for
their approval a bond payable to such
county, conditional on the safe keeping
and repayment of any county funds de.
posted in said bank, which bond shall be
signed by not less than five freeholders of
the county in which said funds are de
posted as sureties and shall be IN such
sum as the board shall have directed, but
in no case to be less than double the prob.
able amount of funds to be deposited in
such bank. 1t at any time the amount OF
funds on deposit in any of said repositories
shall exceed one-half the amount mandolin
said bond. 1t shall be the duty of said
board, at its next regular meeting there
additional bond in a sum not less thar
twice the amount of said excess. Sale
bond or bonds shall be approved by sale
board and said approval, be endorsed
thereon in writing by the chairman o
said board and by him deposited with thu
auditor of said county, and any banl
whose bond shall have been approved
shall be %thereupon designated by sal.
board as a county depository, and sinai
continue as such depository until sucl
time as said board shall readvertise an
redesignate.. in pursuance with this &C,
provided, that if the board of county CON
misloners fail or refuse to approve an,
had as provided in Section 8, Chapter
Political Code; provided, further, that sal
s%ureties shall justify in the manner re
CURED by statute on arrest and bail in
sum In thea aggregate twice the amount 0
such bond.
SEC. 5. When two or more banks in til
same county proposing to become deposi
eoAACo 4LO Tx ohIuC tlC VI luGC CSUs l did
be the duty of the board of county com
missiOnerS to select impartially as man,
OF said banks as repositories as offer amrl
security for such deposits, requiring from
each OF said banks bonds of equal amount
In estimating the value of the %securit,
offered by any proposed depository, tn
capital, surplus and general credit of tn
bank offering the same shall be taken int
consideration, as well as the bond pre-
posed to be given.
Sec. s. In cases where two or NOR
banks are designated as repositories, tn
county treasurer shall, as far as prac
ticable, keep in each of the several deposi
tories equal balances at all times; pre-
vided, that in counties where two or NOR
banks designated repositories the amoun
deposited in any bank shall not eXcee
, the assessed capital of said bank.
; SEC. Z. To further secure the safety c
the county funds deposited under the pre-
visions of this act, it is hereby made til
duty of county commissioners of any de
t the responsibility OF the several banks pro
} posing to act as repositories, and no ban
offering more than three per cent pe
annum, subject to check, shall be deSis
mated a depository under the provisions {
this act.
} SEC. 5. Each depository designate
under the provision of this act shall ful
l. AASAA " IN SouhSJ tSAiS XII III
| statement of the county, account wit
J, such depository on the first day of eac
| month. duly verified by said bank, whic
: statement shall be filed and carefully pr
: served in the Office of said auditor. A
: sums of interest accruing on the funds d,
t posted in any depository under the pr
visions of this act, shall be credited to sue
4, deposit account OF the first day of eac
: month for the month previous thereto, an
l a statement of such interest shall be rel
, dered by such depository to the count
auditor "a the first day of each month, an
| the auditor shall charge the treasurer wit
the amount thereof, and credit the same t
/. the general fund OF the county.
SEC. 9. No county treasurer shall d.
post any of the funds of the county e.
l cepting in accordance with the provision
of this act, under a penalty of $500 for eac
deposit not in accordance herewith.
SEC. 10. All checks drawn upon tn
: county repositories shall be signed by TIL
/, county treasurer in the name Of the count
by himself as treasurer.
SEC IL. 1t is hereby made the duty {
: the officers mentioned in this act and ais
: of the board of county commissioners of TIL
| several counties of the state, to compl
with all the provisions of this act; prt
!, vided, that in counties where only on
bank is located the board Of county con
missioners shall designate such bank a de
pository without advertising for bids,
such bank agrees to pay interest at tn
rate OF az least three per cent per annul
and fulfills all the requirements of Section
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