The Mena weekly star. (Mena, Ark.) 1904-1977, 1911-02-23
DEPOSITORY LAW
FOR POLK COUNTY
Introduced ia Senate by Senator ]. P
Logan. Guided Through House by
Representative W. M. Pipkiu
and Approved by Gov
orn,r DOnaghsy.

governing the handling of the funds o
Polk and Scott countless
For an Act entitled an Act to BRO
vide depository for the Countie,
of Polk and Scott.
n BE 1T ENACTED BY THE PEOPL +
OF THE STATE OF ARKANSAS:
Sec. That it shall be the duty
of the County Judges of Polk and
Scott Counties, Arkansas, at the Ap-
ril term of Court in 1911. and ey-
cry two years thereafter, to receive
propositions from any bank, bankers
or Trust Company that may desire
to be the depository of the public
funds of said Counties, notice of
intention to- receive such PROPOSE
e tions or bids shall be published by
the clerks of the said counties for
period of not less than twenty
days before the commencement of
said term. in some newspaper pub
lished in his said county.
49, = amy SuCH Ddnh, BANKER
or Trust company desiring to be-
come such depository, shall on or
before the first day of said term of
Court, file with the clerk of said
court, a sealed bid, stating the rate
of interest payable in cash offered
be paid by such bidder for the next
two years ensuing upon the county
funds that may be deposited in per-
Hsuapce of such bids, and said bids
shall be accompanied by a certi-
fled check of not less than $250.00,
and in such greater amount as the
court shall order TO be stated in
the advertisement hereinbefore re-
quired.
Sec. 3. At noon of the first day
Of April term of Court and every
two years thereafter, the court shall
publicly open each of the said bids
so presented, and shall cause each to
be entered of record. and shall Sc
leot from among such bids as the
Repository OF saiu pupifvF rutfus vi
the county, including school and
road funds, that bidder offering the
highest rate of interest per annum
Ion said funds, provided that bidders
Sean make separate bids if desired,
one for the school funds, or any
part of the school funds, or the
school funds OF any district or dis
tricts. and another for the county
Funds, and the court can select de-
& positories for the separate funds as
herein provided Said Court shall
have the right to reject any and all
bids. Said interest shall be eomput-
e ed upon daily balances to the credit
& of said county, on school or road
funds with said depository, and the
same shall be payable to the County
Treasurer monthly, and shall I'M
g mediately be placed by said treas
urer to the credit of the common
school fund OF his county, and be
distributed pro rata to each schoo'
district, according to the scolastic
population.
Sec. 4. 1t shall be the duty OF
the successful bidder, within twenty
DAYS after the selection of said de-
pository to execute and file with
the County Clerk, a bond payable
to his said county. with not less
than five solvent and qualified
sureties, who shall own in this
State real estate gai1cumbered ano
of value as great as the amount OF
said bond. or to file as the court
may direct, and deposit as security
for said bond, bonds of the United
states of face value equal to the
amount of said bond, or the bono
therein required may be given b.
any authorized guaranty and bond
ing company doing business in thu
State, which may be approved b.
said county court, provided. tha
any citizen of said counties ma,
appeal from the approval OF SAT-
bond to the Circuit Court in tn
same manner and to the same effee
as lis now provided for in in the ap
prova! of official bonds, all stock
holders of any such Bank, Banke
or Trust Company shall be liabl
for all public funds that such Bant
Banker or Trust Company shall IA
to pay over on demand to the PEI
son entitled to receive same
Sec. 5. After the selection OF
depository of the county funds 9
nerein provided, the court shall r.
4 turn to the unsuccessful bidders,th
checks deposited by them with the
bids, and upon the filing and al
proval OF the bond herein require
OF the successful bidder, the cief
shall return to such successful Di'
der, the check so deposited by
provided that should the successi
bidder fail or refuse
file sue h b o d,
should the same not be approved .
cause of insufficiency the amount
said certified check, shall go TO u
school fund OF the counties as
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