41.220 Designation of banks as state depositories -- Minimum capital stock
169 words·~1 min read·
/ky/41-220A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
requirement -- Use of banks if state depositories not designated.
(1)Not less than three
(3)solvent banks shall be designated as state depositories for
state funds. Each bank designated shall have not less than the minimum capital
stock as required by the primary state or federal regulator of the bank. Banks shall
be designated as state depositories for state funds upon agreement of the State
Treasurer and the secretary of the Finance and Administration Cabinet. Those banks
designated shall be entered in the executive journal. If at any time it appears that the
capital of any state depository has become impaired, the state's deposits shall be
withdrawn and deposited with another state depository.
(2)The State Treasurer and the secretary of the Finance and Administration Cabinet
shall determine the needs for moving state funds from one
(1)designated depository
to another.
(3)If no banks are designated as state depositories in accordance with this section, all
banks as defined in KRS 41.010 shall be considered eligible state depositories.