The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-02-13
SENATE BILL NO.
20.
As AMENDED BY HATCHETT AID SMITH UF THE
SENATE AND WHITE OF Titl HOUSE

regulating tho deposit Of funds therein and providing for
the Of sinking funds Of counties cities towns
villages, boards Of education and school districts
Be II Enacted by The People of the State Of 0klahoma
Section In all counties Of this state the treasurer shall
shall come into his possession by virtue Of his office such
deposit daily all the funds and money Of whatsoever kind that
county treasurer in his such treasurer with
more responsible banks companies which shall have been
designated by the Board Of County Commissioners county de-
positorics
Section In all cities towns and villages in this state the
shall deposit daily all the funds and money Of what
kind that shall into his possession by virtue Of his
office such treasurer in his treasurer with
more responsible banks or trust companies which shall have
previously been designated repositories by the proper ar
tnorities Of such city, town village
Section g. The treasurer Of the Board Of Education o any
city, village in this shall deposit daily all the funds
money whatsoever kind that shall into his possession
by virtue Of his office such treasurer in his as treasurer
eth one Or more responsible banks trust companies which
shall have been previously designated by the Board Of Education
as repositories.
Section a. County depostcc, shall be designated by tte
Board Of County Commissioners in the following manner;
Said board shall notify all banks and companies in The
county % submit sealed bids fo the deposit Of the money Of the
eount lpon the day previously fixed thereafter
practicable the board Of county commissioners shall mee
and open such bids and the institution offering the highest
Of interest ON the daily balance Of such money shall upon giving
in case more than one institution shall bid the Of in
erest each shall be designated depository and the money
shall be equally divided among them.
Section S. The repositories for cities, towns and villages
ha be designated BY the City Council the Board Of Trustees
thereof the may be- in the County De
postoc required be designated by The Board Of County
Commissioners the preceding section and in than
depository designated for any such city, town village
The funds shall be equally divided among them
Section Deposories fnr boards of education III cities
and villages shall be designated BY such boards Of cd
ucaon IN the county repositories required to
Be designated BY the board Of county commissioners Section
four Of this act and should than depository be de-
sgnacd the funds shall be equally divided among them
Section = An repositories provided for in this act shall
before receiving any money be required TO give security for the
safe keeping and thereof the security required shall be
Of the same classes required by law for the deposit Of money Of
The permanent school fund Of his state and the Of such
security shall be fixed by the authorities designating such de-
posory equal the largest approximate amount That
may be deposited any time and additional security may
be required any time by the proper authority Such nstiu-
es SHALL the first Monday in each month"; file with the
clerk clerk Of The city village board Of trustees
tho may be Of The Of money belonging
the county city village board OF education hand
the close Of business each day during The previous month and
The amount OF interest accrued thereon to such date
SECTION g. II no bank trust company in any such
county city village shall offer bid and accept said
money and pay interest thereon rate not less than three
per then the proper authorities may designate In the
provided IN The preceding sections Of this Act other
banks trust companies il this state repositories
SECTION @ The condition OF the undertaking required
u any depository mentioned III hs Act shall be that e funds de-
posted therein shall be safely kept and promptly paid the
check draft Of the authorized by law draw the
same
SECTION TO. Whenever any institution designated as
depository desires deposit securities IN lieu Of bond permit
ted BY law the Of deposit Of The permanent school fund
such securities shall be deposited with the proper whose
bondmen shall be liable for te safe keeping and thereof
Before any such securities shall be accepted BY such treasurer
they shall be approved BY authorities designating such depos
t0ries.
SECTION H. The board Of county commissioners oi any
county city council o any city oE any village
board Of education any city any independent school district
any other school district in this hereby authorized
and empowered whenever they may deem advisable to invest
any sinking fund hand hereafter acquired or the
dempdou and payment Of outstanding bonds such county city
village school district in bonds Of the United States
Of the State of Oklahoma Of the county city own village
school district Of this state in county, city village
school district township provided that security
shall be purchased which, according their terms mature
date subsequent the time Of maturity Of the bonds for the
payment of which sinking fund created