The river press. [volume] (Fort Benton, Mont.) 1880-current, 1907-02-27
WEDNESDAY, FEB. ~, 1907.
IS IT A N BILL?

is IT A BUNkO BILL7
After several weeks of delay, the
tenth legislative assembly has under
consideration q bill relating TO in.
terest on state funds. The excuse for
dilatory action in this matter is that
several bills upon the subject were
introduced. and the committee having
them in charge decided to draft and
introduce q substitute measure that
would displace:all of them. 1t is Of
6cially known as substitute for House
Bill No. 10, its provisions, as reported
in q Helena newspaper, being as fol-
lows:
The state treasurer shall designa ate
as repositories as many banks within
the state as in his judgment are neces.
cary for the safe keeping OF the public
moneys in his hands as hereinafter d..
rected; provided that all banks by him
designated as repositories shall un.
dertake and agree as q condition pre-
cedent to the depositing of any funds
with them for safe keeping, that in.
terest shall be paid upon the daily
balances OF all such deposits at the
rate of two and a half per cent. per
annum, and all deposits shall be ad-
equately and properly secured to the
treasurer has herein specified. No de-
posts shall be made,of state funds by
the state treasurer until he shall first
have received asssecurity therefor, in
such amount a~tileast equivalent to the
amount of such deposit, bonds of the
United States, or Of the stats of Mon
taua, OF county school districts, or
municipalsbonds issued in this state,
or such other good and sufficient Sc.
curity rs shall have been first ap-
proved by the state board of ex-
aminers.
Alltsuch deposits shall be subject to
withdrawal by the said treasurer, in
such amounts as may be necessary,
from time to time to pay and discharge
the egalIobligations of the state duly
presented to him in accordance with
the law. No deposit of said funds
shall be made Dr. permitted to remain
In any bank unless the treasurer shall
have first design ated such bank as q
depository, nor until the security for
the deposit shall first have been de.
positedDwith THE treasurer and have
been approved by the state board OF
examiners. In designating the deposi.
tories for state.funds, the state treas
urer shall, a~stnear as may be found
practicable, make designation of de-
positories in the respective counties
of the state. and cause to be deposited
in them public funds proportionate to
the amount Of public ven received
from such counties. by the state.
All intercst:paid land collected on
deposits shall be, by the treasurer,
credited and b%elong.to the particular
fund to whichlbelong the moneys de.
posted and onlwhich interest is paid
The treasurer shall have the power to
direct the withdrawal of all such
moneys from any lbank for any rea'
son. Nothing herein I%contained shall
be construed as limiting or impairing
the right of the state sboard of land
commissioners to invest public moneys
in bonds or other securities as other
wise provided for by law.
Section 400 of the political code be,
and the same is hereby amended SO az
to read As follows: The state treasure,
must execute an official bond in the
sum Of $3.50, 600, and may furnish as
surety on said bond any surety com
pany Or companies which have com.
piled with the laws of this state au.
thorizing surety companies to do bust
ness herein, and in the event that hi
does furnish such surety on said bond
the premium therefor shall be a
proper charge against the state and
paid as other expenses of his Office.
The president and cashier of every
bank in which state funds are deposit
ed shall, quarterly, make q full anc
complete verified statement of account
showing the amount of money which
has been on deposit with the bank
which they represent during the quar-
ter, and the amount of interest the,
have credited, allowed or paid to thu
state treasurer on account of such de,
post, and further, such affidavit shall
contain q statement that no interest