41.070 Moneys to be deposited in state depositories -- Exceptions -- Designated
405 words·~2 min read·
/ky/41-070A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
depositories -- Records of agencies.
(1)Unless otherwise expressly provided by law, no receipts from any source of state
money or money for which the state is responsible shall be held, used, or deposited
in any personal or special bank account, temporarily or otherwise, by any agent or
employee of any budget unit, to meet expenditures or for any other purpose.
(2)All receipts of any character of any budget unit, all revenue collected for the state,
and all public money and dues to the state shall be deposited in state depositories in
the most prompt and cost-efficient manner available. However in the case of state
departments or agencies located outside Frankfort, and all state institutions, the
Finance and Administration Cabinet may permit temporary deposits to be made to
the accounts maintained by the agency, department, or institution in a state
depository for a period not to exceed thirty
(30)days, and may require that the
money be forwarded to the State Treasury at the time and in the manner and form
prescribed by the cabinet. Nothing in this section shall be construed as authorizing
any representative of any agency, department, or institution to enforce or cash, even
for the purpose of a deposit, any check or other instrument of value payable to the
Commonwealth or any agency thereof.
(3)Each agency depositing its receipts directly with the State Treasurer shall do so in
the manner approved by the State Treasurer as agent in charge of public fund
deposits.
(4)The Department of Revenue may deposit receipts to the credit of the State Treasury
directly with a state depository utilized by the Commonwealth for its primary
banking services. The State Treasurer, with the approval of the Finance and
Administration Cabinet, may authorize other agencies to deposit receipts directly
with a state depository to the credit of the State Treasury if the Treasurer prescribes
the manner in which the deposit is to be made, and the forms and reports to be filed
with the Treasury Department. The Finance and Administration Cabinet shall
prescribe the forms and reports to be filed with it when this type of deposit is made.
(5)Each department, agency, or other budget unit which receives funds to be deposited
into the State Treasury shall maintain records to report adequately each amount
received, from whom received, and date received. Agency records shall be easily
reconcilable with the information forwarded to the State Treasurer.