91A.060 Official depositories.

154 words·~1 min read·/ky/chapter-91a/91a-060

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The executive authority shall designate as the city's official depositories one

(1)or

more banks, federally insured savings and loan companies or trust companies within

the Commonwealth. The amount of funds on deposit in an official depository shall

be fully insured by deposit insurance or collateralized in accordance with 12 U.S.C.

sec. 1823, to the extent uninsured, by any obligations, including surety bonds

permitted by KRS 41.240(4).

(2)All receipts from any source of city money or money for which the city is

responsible, which has not been otherwise invested or deposited in a manner

authorized by law, shall be deposited in official depositories. All city funds shall be

disbursed by written authorization approved by the executive authority which shall

state the name of the person to whom funds are payable, the purpose of the payment

and the fund out of which the funds are payable. Each authorization shall be

numbered and recorded.