The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-11-13
--POS|TORY LAW
IN HAY CONDITION
Appears That Many County
Auditors Do Not Un-
derStand 1t.
STATEMENT BY BOWLING.
THERE is NOTHING TO PREVENT
RECEIVING A HIGHER RATE OF
INTEREST THAN THE ONE STIP-
ULATED IN THE ACT.

Numerous questions have been re-
ceiyed at the Acknowledgements Office
recently from county auditors in re-
gard TO the construction of the public
depository law. Some of them indi-
cate that the county officers have not
studied the law very carefully. One
question asked was: When does the
depository law become effective?" The
depository law becomes effective De
cember /. Another questioner wish
ed to know whether rate Of interest
higher than that stipulated in the act
may be obtained from banks bidding
for the township funds.
There is nothing in the law, says II.
n. Bowling, assistant attorney general,
to prevent higher rate of interest. be-
ing obtained. However, bank offer
ing to pay a higher rate OF interest
than that stipulated in the law will not
have any advantage over the others in
it's efforts to become a public deposit
tory 1t is not likely, Mr.. Bowling says,
that bank would offer to pay high
er rate of interest than that provided
for in the law when it would obtain no
advantages from such payment. An
other inquiry was in regard to the
township fund to which the interest
would go. 1t is provided, Mr.. Dow
ling says, that the interest on town
fund.
To Handle Two Funds.
Some county officers of the State
seem to have the idea that in many
counties one finance bOara will have
charge of the county funds, funds of
the county seat, city and funds of the
school city of board of school commits
siOners in such county. This misap-
prehension comes from Section & of
! the law, which has a prOvisO as fol
lows: "Provided, That i'll all counties
in which the county treasurer is eX-otfi-
county seat of such county. and is eX-
Officio treasurer of the school city or
Board of School commissioners of such
cOunty-seat city, the county board Of
finance shall consist of the board Of
commissioners fsCh county, the may
or and controller Off any and the chief
executive officer of such school city or
such board OF school commissioners OF
such county seat city. The auditor Of
such county shall act as secretary Of
such board, and in case Of a tie shall
cast the deciding vote. The mayor
shall preside, but shall have the power
to vote on all questions"
The proviso goes on to state that in
all such cities such board of finance
shall have charge of the funds Of the
, county, the funds of the county lat
city and the funds of the school city
or board of school commissioners in
such county seat city.
1t is noticeable. Mr.. Bowling says,
that the Board of finance is made up
in this way onl yin counties where the
county treasurer is eX-OfficiO treasurer
of the city. which is the county seat of
such county, and is eX-officiO treasurer
of the school city or board of school
commissioners of such county seat
city. Indianapolis. it is pointed out
is the only city in the state where the
county treasurer is treasurer of the
city and of the board of school com.
missionerS. and therefore. this prOvis
ion would affect no other county ex.
cept Marion county.