The governing body may delegate the investment authority provided by Code Section 36-80-3 to the treasurer or other financial officer charged with custody of the funds of the local government, who shall thereafter assume full responsibility for such investment transactions until the delegation of authority terminates or is revoked.
(Ga. L. 1964, p. 741, § 2.)
OPINIONS OF THE ATTORNEY GENERAL
Phrase "certificates of deposit" as used in former Code 1933, § 32-942 (see now O.C.G.A. § 20-2-411) applied to certificates of deposit issued by commercial banks and to certificates of deposit issued by federal or state chartered savings and loan associations. The investment of school funds in "certificates of deposit" issued by institutions other than those named would present a question of whether such investment would be prudent and in the exercise of sufficient care and diligence. 1969 Op. Att'y Gen. No. 69-306.
Responsibility of school officials.- Local school officials, in making legally authorized investments of local school funds, are not responsible if that investment results in a loss rather than a gain so long as the investment, at the time the investment was made, was reasonably prudent and cautious under the circumstances, and especially if the loss is occasioned by economic conditions over which the officials have no control. 1969 Op. Att'y Gen. No. 69-306.
RESEARCH REFERENCES
C.J.S.
- 20 C.J.S., Counties, § 195.
ALR.
- Extent of power of school district to provide for the comfort and convenience of teachers and pupils, 7 A.L.R. 791; 52 A.L.R. 249.
Municipal funds and credits as subject to levy under execution or garnishment on judgment against municipality, 89 A.L.R. 863.
Requirement of prior appropriation by municipal authorities as condition of making a contract or incurring expense as applicable to local improvements, or bond issue payable only out of special funds and not constituting an obligation of the municipality, 124 A.L.R. 1467.
Rights and liabilities of municipality as to interest earned on improvement assessments or other special funds collected or held by it, 143 A.L.R. 1341.