Funds to Be Held by Depositories

  1. Law
  2. Georgia Code
  3. State Government
  4. State Debt, Investment, and Depositories
  5. State Depositories
  6. Funds to Be Held by Depositories

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State depositories shall hold:

  1. All funds deposited with them as time deposits for and on account of the state in accordance with such time deposit agreements as from time to time may be entered into between the depositories and the board pursuant to Code Section 50-17-52, which agreements shall not be inconsistent with the statutes of the United States and regulations made pursuant thereto governing interest-bearing time deposits; and
  2. All other funds received by them for and on account of the state, subject to the check or order of the state treasurer or the officer or employee charged with the custody of any particular bank account.

(Ga. L. 1878-79, p. 88, § 5; Code 1882, § 943e; Civil Code 1895, § 992; Civil Code 1910, § 1259; Code 1933, § 100-111; Ga. L. 1960, p. 1144, § 3; Ga. L. 1993, p. 1402, § 18; Ga. L. 2010, p. 863, §§ 3, 4/SB 296.)

Editor's notes.

- Ga. L. 2010, p. 863, § 4/SB 296, purported to amend this Code section, but the amendment could not be implemented due to the earlier change by § 3 of that Act.

OPINIONS OF THE ATTORNEY GENERAL

Procedure when deposit exceeds bond.

- Former Code 1933, § 100-108 (see O.C.G.A. § 50-17-59) did not in any way authorize the treasurer to make a deposit in excess of the bond or other authorized security for a ten-day period; it instead provided for a grace period of ten days within which the treasurer, whenever a deposit through accumulation of interest or otherwise grew beyond the amount of the bond, must either withdraw the excess or obtain additional bond (or authorized security) from the depository; this applied to all state funds, including former Code 1933, §§ 100-104 and 100-111 and Ga. L. 1960, p. 1144, § 4 (see O.C.G.A. §§ 50-17-58,50-17-62, and50-17-63). 1971 Op. Att'y Gen. No. 71-65.

State depositories must hold all funds either as time deposits or call deposits. 1971 Op. Att'y Gen. No. 71-79.


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