Sec. 14. (a) If the funds remain in the county treasury of the county for four (4) months without having been loaned under this chapter, upon the request of the county auditor, the board of county commissioners may, by an order entered of record, direct the county treasurer to invest the funds in:
(1) bonds, notes, certificates, and other valid obligations of the United States; and
(2) bonds, notes, debentures, and other securities issued by any federal instrumentality that are fully guaranteed by the United States.
(b) If it becomes necessary to obtain the funds invested in the government bonds under subsection (a) to be able to make a loan to any borrower, whose application has been approved and granted, the treasurer shall sell, at the earliest opportunity, a sufficient amount of the government bonds to make the loan.
[Pre-2006 Recodification Citation: 21-1-7-6.]
As added by P.L.2-2006, SEC.165.