Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1906-01-03
WHEN Do FUNDS
DRAW INTEREST
Depository Law Goes
Into Effect On
Monday
POINT OF LAW NOT CLEAR
Question Whether Commissioners viii
Distribute county's Balance Next
Week or Wait Until Last Day
Of April.

The county depository bill passed BY
the last legislature goes into effect nsxt
Monday and the question arises wheth.
er on not the county commissioners
at the coming January session will pro-
ceed to distribute the funds under the
provisions OF the law. or whether they
are bound to walt until the last day
OF April. when they are empowered 70
meet and hx the rate.
Their decision In the matter will de-
termine which bank or banks In the
city OF Lewiston will hold on deposit
the $1SO,0OO, which ID soon to be turned
into the county treasury. from the time
It is turned over until the last day of
April.
Points Of Law Not Clear.
The law goes into effect the second
Monday In January, 1906. which =
January II, but there ID provisio In
the law which fixes the last day Of
April az the date on which the COM
missicners are empowered to meet and
fix the rate OF interest to be paid on
the average daily deposits apportioned
to the banks, and the local banking
houses are not a unit on how the law
IL to be construed. II 10 now apparent
that some applications will be made
at the January term and the commis-
sioners will be required to construe the
law.
How the Law Roads.
BY reference to the general session
laws 1t IL found that the new law pro-
vides for a deposiit OF the county
moneys In all the banks OF the county
and pro rata as the amount OF eecuri-
ties each offers, or the amount Of the
bond It puts up In lieu Of securities.
No bank can have more than the par
value OF its securities nor half the
amount OF Its bond, but II 1t is surety
bond the deposits may equal but not
exceed 80 per cent OF the penalty. But
the deposits in any one bank shall not
exceed 100 per cent OF its capital stock.
The banks shall pay interest on tho
daily balances at a rate not less than
per cent, rate which shall be fixed
annually by the board OF county COM
missioners who are to meet for that
purpose on the last day OF April. The
interest is to be paid quarterly on the
last days OF January, April, July and
October.
| The treasurer has no discretion IN
the matter and shall not give prefer
ence, The county commissioners have
/ tn thu
securities and the bonds and apportion
| the money prorata as the securities
or bonds offered by each bank are
part OF the whole amount OF securities
or bonds offered.
Neg Peree Funds $4,000.
The county moneys in Nez Perce
county when the taxes are turned over
will aggregate something like $780,
About $4,000 of this is now in the
hands OF the tax collector and Is de-
posted by him in the Commercial
Trust the Idaho Trust and the First
National bank OF this city. The re-
mainder of the county funds Is deposit.
ed by the county treasurer in the Ida
no Trust and the Lewiston Nationa
bank. But all the money held by th'
tax collector Is due to be turned Owe
to the treasurer and will be turne'
over as soon as the receipts are issues
and the books put In shape, which VII
. be about January Is.
The treasurer will then deposit tn
money at his own pleasure II the ne'
law Is not declared operative, but
lit Is declared operative, then the com
missioners will decide on the distribu
ton OF the deposits and the county WI
at once begin to draw interest on Il
II daily balances at the banks.