The Mena weekly star. (Mena, Ark.) 1904-1977, 1911-02-23
DEPOSITORY LAW
FOR POLK COUNTY
lcnntInued nom tlrst page.l

time fixed for another selection Oh
a county depository, and it shall be
the duty of the County Treasurer
to Immediately transfer to said de-
nositories all funds belonging to the
County thereafter, Immediately up
on the receipt of the county FUNDS
and to place the same to the creoit
of the county. Said deposit snail
he made so as to preserve the identl
ty of the particular fund to when
all money so deposited shall belong
whenever an order is made by the
county court changing the deposit
tory and transferring the funds frol1
the bank holding said funds as the
depository, to the new depository Ne-
lected and the bank having
said funds refusing to honor the
order and transfer the funds. then
said bank so refusing shall be subJe
To a penalty of two per cent per
month of the amount of such FUNDS
in their hands for such refusal,
said penalty to be calculated upon
each month such bank holds sucn
funds contrary to said order, said
penalty to be recovered in any
court Of competent jurisdiction, and
when SO recovered shall be deposl'
ted to the credit of the school fund
and prorated as provided in this
Act.
Sec. 10. If the depository select
ed by the County Court shall not
be located at the county seat OF
either county, then it shall be the
duty of the depository SO selected
to provide for the prompt payment
without discount at the county sites
of Polk and Scott counties, of al
checks drawn by the County Treas
urer upon such funds of the coun
ty in said depository. and said de
pository shall file with the County
Treasurer a statement designating
the place or places at which a
such county sites where such pay
ment shall be made, and it shall BE-
a misdemeanor for the COUNTY
Judge or for the County Clerk o.
his deputy to disclose to any person
or persons prior to the time o
opening the bids herein mentioned
the amount or terms of any sucl
bid or bids, and upon conyic
ton thereof, shall be fined in an.
sum not less than $4,000.
Sec. 13. Should no bids be of
fered as herein contemplated, o.
should such bids be deemed too low
the court shall be empowered t
order said funds deposited with ON
or more Banks or Trust Companie
in the State of Arkansas, in sucl
sums and for such time as thu
court may direct, and at rate o
interest not less than pc
cent per annum upon daily balance
as may be agreed upon by the SAT-
court and the bank PROPOSING t
borrow same, in which case TIL
said interest shall be computed AM
bond shall be furnished as hereinbe
fore provided in the selection of
depository: Provided, that upol
| deposits made under this section
the bond required shall not be les
than the total amount of funds de
posted with the Bank, if for an.
reason no selection of a depositor,
shall be made at the time herein
fixed the same may be done at an,
/ subsequent term of the court afte
giving notice as before required
which depository when so selecte,
shall remain such until the mex
regular term for the selection of
depository.
Sec. IA. The County Court o
Judge thereof, may at any time i
lie deems it desirable, require
new or additional bond to be file,
by said depository. and upon it
failure to do so within ten day
after service of notice to do so. thu
court may proceed to select anothe
depository in the same manner al