The Richmond palladium. (Richmond, Ind.) 1906-1907, 1906-07-08
LOCAL OFFICIALS
SHOW INTEREST
Care of Public Money as Pro-
vided For in view Bill Just
Drafted.
OUTLINE OF PROVISIONS
REPOSITORIES TO BE SELECTED
AND, STATE, COUNTY, TOWN.
SHIP AND MUNICIPAL OFFICERS
MUST PLACE FUNDS WHERE
!. DESIGNATED.

Richmond and Wayne county public
officers were displaying much interest
in the proposed new law regulating
the manner in which public money
and the interest thereon must be car
ed for by State, county, township and
municipal officers.
AS briefly stated in the Palladium
yesterday in dispatch from Indiana
polls, the proposed new law is the
product Of Indianapolis attorneys,
among them Addison C. Harris, a
former Wayne county man, who were
appointed by the indianapolis bar to
draft bill for presentation to the next
General Assembly
Bills Provisions.
1t provides in the first section that
all money received or paid out by the
state shall be disbursed through the
State Treasurer's Office on warrants
issued by the Auditor of State. The
second section provides that at II
o'clock each day all state officers ex-
cept the Treasurer shall present to
the Auditor, on a blank form prescrib-
ed by him, an exact report of the
business of the preceding day in their
office, and that by o'clock on the
same day the Auditor shall file with
the Governor report showing the
exact amount of money in the Treas
urers office subject to check of the
Treasurer.
Sections and 5 provide that the
Governor, Auditor of State and Secre-
tary of State shall constitute a Board
of Control of public funds of the state
and that they shall hold a meeting
the first Monday of each month or at
the Governors pleasure.
In designating public repositories
the board may select any number of
banks of discount and deposit actively
engaged in business or regularly in
corporated trust companies not ex-
ceeding 40. and shall by public notice
solicit applications from the institu-
of the funds.
Limit to the Amount
The board must make an order GER
tifying to the Treasurer the institu-
tons that have been selected as de-
positories. The institution must de-
post with the board Government,
state or municipal bonds guaranteeing
the state for the money it places on
deposit and no institution shall re-
ceive an amount of the state funds eX-
ceeding 80 per cent of the recognized
value of the securities. The state is
to receive at least per cent per an
mum for the funds.
The board shall select repositories
for the superintendent of the various
benevolent, penal and educational in
situations and the Governor shall
make quarterly examinations of the
Treasuers office.
The penalties for violation of any
provisions of the act are about the
same as fixed in the laws now govern
ing the Offices In counties, the
Board of County Commissioners shall
constitute the Board of Control and in
City Controller shall serve in that
capacity. The township advisory
boards shall act in this capacity in
townships. The law finally provides
that any county. municipal, township
or school town Treasures who shall
violate the act shall be fined not less
\ than 800 nor more than $4,000 and
may be imprisoned for not less than
one nor more than five years.