Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1897-03-04
COUNTY DEPOSITORY LAW.
Radical Departure From the Old
Method.

Radical Departure From the Old
Method.
The county depository law, which has
received the signature Of Gov. Lee, il a
radical departure from the pres ent method
of caring for county funds. 1t is IS
follows:
Tho county treasurer Of every county In
this state shall deposit and at all times
Keep on deposit for safe keeping in state.
private or national banks. doing business
IN THIS state. and Of approved and respon-
sible standing. the amount Of money in his
nanos belonging to the several funds of
the county treasurer. Any OF such banks
such funds upon the following conditions,
and shall state In the application the rate
OF interest they will pay on such deposits
ana tnS amount Of money desired.
nar& OF the treasurer AZ county treasurer,
ana .or all such deposits he shall take Z
receipt IN duplicate. one to DO retained in
with the county auditor who shall enter
the amount In Q book kept for that pur-
pose. and all checks drawn against such
deposits shall be credited on the same book
treasurer. which book shall be kept in such
manner ~ to show at all times the
amount Of money on deposit with said
b subject to payment when demanded by
the county treasurer on his check. coun-
tersisned BY the county auditor, aud all
g receiving and holding such deposits
the county for the privilege of keeping
ouch deposits. interest amounting to not
!eas tnan Z per cent. and not more than I
deposited Is hereinafter provided. and sub
5eot always to such regulations as are Inn
posed by law and such rules as may be
aAopted by the board Of county commits
ffNp hn1 I'M nd
posits; and the board Of county commits
sioners shall hold the right to reject any
and al applications. provided that II the
aftor having made such designation, Tor
good and sufficient cause, deem the securi-
ty given insufficient. they may require q
new bond: and II in their opinion the public
Or modify their designation Of a depository
IN any way; and may again designate e
depository or depositories provided.
bank. snaer ~ & iny soe s
the privilege Of keeping public funds on
deposit shall be computed on the daily bal
ct the pSSic kept on
the first day of each month for the precod-
Ing month and the amounts and sums paid
t. the county for the privilege Of keeping
credited by the auditor and treasurer to
the account Of the county general fund.
For the security Of tho fund SO deposited
under the provisions Of this act the board
Of county commissioners shall require all
such repositories to give bonds with Ave
or more freeholders Of the state a. sure
ties. such sureties not to be stockholders Of
are satisfied upon fun investigation that
their responsibility would In no wise be
affected by the failure Of the bank or hank.
Or IN behalf Of which said , stock kh q
be given for the safe keeping and payment
Of such deposits. and the accretions there.
OF. and shall run to the county to be ap.
doaers. and conditioned that such depos
itory will at the end OF each and every
unsnth render to the county auditor .
:ncs s q the osSnty held BY i during G The
mentfA and wal. on tho nrst day Of each
aonth. report to the auditor the amount
Of the accrued interest credited to the
with tho accrued interest. will be paid upon
tho check Of the county treasurer. c0un.
tsrsigned by the county auditor. upon
TIE sffice OF the county auditor.
The county treasurer shall not have on
deposit at any bank at any one time
more than one-ha halt, Of the b. bond as herc. \,
the several dspositories as nearly equal a.
possible, taking in consideration the max.
iunum amount to be fixed upon by the
may keep in each bank. Any bank may
make application for such part Of the pub.
lie funds az 1t may desire, but the board
Of county commissioners shall determine
the amount 1t shall receive, which shall
not be greater than the amount applied for
nor more than one-half OF its capital stock
The making OF profit directly or indiI
rectly by the county treasurer out Of any
money In the county treasury. the custody
Of which the treasurer is charged with. by
ioaning or deposting or otherwise using
the removal OF the county treasurer or by
his consent, Of such money or a part there.
Of out Of the vault Of the treasurer's de-
partment or in the legal depository Of tho
rants legally drawn 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
to punishment in the state penitentiary for
a term of not more than two years or a
he liable under and upon his official bond
for the profits realized by such unlawful
using OF such funds.
II the county treasurer shall .willfully
fail or refuse at any time to keep the
public funds in the repositories as herein
provided. or shall fail to do or perform
any act required OF him by this act. he
ject to Indictment therefor, ard upon
conviction thereof he shall be sentenced
to pay a fine Of not exceeding $5.eeo. 1t
to enter and prosecute to final determine
ton of all suits for the recovery 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 in such sum as may be fixed by the
board OF the county commissioners and
the county treasurer shall not have more
money in his office at any one time THAI
one-half Of the amount OF his bond and 1t
shall be the duty OF tho county auditor
from time to time to examine the daily
balance book of the county treasurer Tor
the purpose Of ascertaining the amount
kept on hand.
For the matter Of convenience in trans
acting business It shall be lawful for the
county treasurer, when In need OF funds
for the purpose Of paying small warrants
without issuing checks. to make reQut-
sition on tho county auditor for funds
for such purpose for an amount not to
exceed $500. which shall be drawn on the
check Of the county treasurer payaole
to himself. and countersiGned by the
county auditor. but no check shall be %
countersigned II the auditor has reason
to believe that tho money Is wanted for
purposes other than herein provided.
No treasurer shall be liable on his bond
for money on deposit In any bank a.
herein provided Il said bank has given
bonds and has been approved BY the
board Of county commissioners and the
amount does not exceed the amount al
lowed to be kept at such hank.
II the county auditor shall counterulGn
any check In blank or shall countersign
any check for any purpose thar
in payment Of warrants legally drawn
or a. provided herein. he shAll b. deemed
guilty Of felony and upon conviction