Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1897-03-06
STRONG DEPOSITORY Law
South Dakota County Funds Are
Fully Protected.
A Radical Change From Prescn
Methods---Equal suffrage Bill
PASSES thc Senate..-The
Election BiiI.

tect the counties fully. The law reads
as follows:
The county treasurer of every county
N this state shall deposit and at all
times keep n deposit for safe keeping
in state, private or national banks. do
ing business in this state. and of APP
proved and responsible standing, the
amount OK money in his hands belong
ing to The several funds of the county
treasurer. Any Of uch banks may APP
ply for the privilege of keeping such
funds on the following conditions. and
shall safe in the application the rate of
interest they will pay on such deposits
ana the amount Of money desired.
l. All money shall be deposited in the
nime of the treasurer as county treas
urer, and for all such deposits he shall
take u receipt in duplicate, one 10 be re-
,3ined in his office and the other filed
forthwith with the county auditor, who
shall ~nIer the amount in a book kept
Ion that purpose and all checks drawn
against such deposits shall be credited
IN the same book by the auditor. before
delivery to the treasurer, which book
shall be kept in such "A manner as to
show at all times the amount of money
on deposit with said bank or
All such deposits shall be subject to
, payment when demanded by the count
treasurer on his check, cOuntersigned
by the county auditor. and all banks re-
Ceiving n holding such deposits as
aforesaid shall be required to pay TO the
rounty for the privilege of keeping such
deposits. interest amounting to not less
han > per cent and not more than 4 per
cent per Gnnum upon the amount so de-
posted as hereinafter provided, and
subject always to such regulations as
may be adopted by the board OF county
commissioners for holding n receiV-
ing Such Deposits; and the board of
county commissioners shall hold the
right to reject any and all applications,
provided that If the board OF county
commissioners a. any time after having
made such designation, FOR good and
sufficient cause. deem the security given
insufficient, they may require a new
bond: and if in their opinion the public
interest require they may Vacato, re-
yoke or modify their designation OF a
depository i'm any way and may again
designate a depository or repositories
provided.
>. ia. amount to bee paid by any and
Nll ltlllfS ullttl tHt llpN lSibilS u u
act for the privilege of keeping public
funds on deposit shall he computed on
the daily balance of the public moneys
kept on deposit therein, and shah be
paid 10 the county on the first day Of
each month for the preceding moath,
and the amounts and sums paid TO the
county for the privilege Of keeping the
same on deposit as aforesaid, shall be
credited by the auditor and treasurer to
the account Of the county general fund.
For the security Of the fund So depos-
ted under the provisions OF this act the
BOARD of county commissioners shall re-
luire all such repositories 10 give bonds
with five or more freeholders Of the state
IS sureties. such sureties not 10 be sock
holders Of on owners Of such deposito-
lies, unless th4y are satisfied upon full
Investigation that their responsibility
would in no wise be affected by the fail
ure Of the bank or banker in behalf o!
which said stakeholder or owners sign
as sureties. Such bond shall be given
for the safe Keeping n payment OF
such deposits and the accretions thereof,
and shall run TO the county TO be APP
proved by the board Of county commits
sioners, and conditioned that such de-
pository will at the end Of each and ev-
ary month render 10 the county auditor
A statement showing the several daily
balances OF the county held by 1t during
the month, and will, on the first day Of
aach month, report to the auditor the
amount Of the accrued interest credited
to the county, and that the said funds,
together with the accrued Interest, Will
be paid upon the check OF the county
treasurer, countersi2ned by the county
auditor, upon presentation, which bond
shall be fled in the office Of the county
auditor.
The county treasurer shall not have
Oh deposit at any bank at any one time
more thar ono-half Of the bond as here
in provided, and shall keep the amounts
in the several repositories as nearly
equal as possible, taking in considera-
ton the maximum amount 10 be fixed
upon by the board OF county commits
sioners. which he may keep in each
bank. Any bank nay make application
for such part OF the public funds as it
may desire, but The board Of county
commissioners shall determine the
amount it shall receive. which shall not
be greater than the amount applied FOR
nor more than one-half OF its capital
took.
The making Of profit directly or indi-
rectly by the county treasurer out of any
money in the county treasury, the Gus
tody Of which the treasurer Is charged
with, by loaning or depositing or other
wise using or depositing the same III
any manner. or the removal or the coun-
~ treasurer, or by his consent, Of such
money or a part thereof out Of the vault
Of the treasurer's department, or in the
legal depository of the same, except for
the payment Of warrants legally raw
Or for the purpose Of depositing the same
in banks selected as repositories under
the provision Of this act, shall he deemed
guilty of felony, and upon conviction
thereof shall be subject 10 punishment
in.the state p~enitentiary for a term OF
not more'than W years or a fine Of not
exceeding $1,000. and shall also be liable
under and upon his official bond for the
profits realized by sucn unlawful using
of such funds.
If the county treasurer shall will
fully fail OF refuse at any time to keep
the public funds in the repositories as
herein provided, or shall fail to do or
perform n act required Of him by this
act. he shall he guilty of a misdemeanor
and subject to indictment therefor, and
upon conviction thereof he shall be SEN
fenced TO pay a fine of not exceeding
5000. 1t shall be the duty of the states
attorney to enter and prosecute to final
determination of all suits for the recov-
cry Of any penalty arising under the
condition of any bond required to be
given by this act.
The bond of the county treasurer
shall be i'm such sum as may be fixed
by the board OF county commissioners
and the county treasurer shal not nave
more money in his office at any one
time than one-half of the amount of his
bond and 1t shall be the duty Of the
county auditor from time to time to ex-
anime the daily balance book Of the
county treasurer for the purpose of as
pertaining the amount kept on hand.
For the matter Of convenience in tran
sacting business 1t shall be lawful for
the county treasurer, when in need of
funds for the purpose OF paying small
warrants without issuing checks, to
make a requisition on the county audi
tor for funds for such purpose for an
amount not TO exceed $500. which shall
be drawn on the check of the county
A. -..4A --I go,