CHAPTER 11. INVESTMENT CASH MANAGEMENT SYSTEM - Indiana Statutes

IC 5-13-11
     Chapter 11. Investment Cash Management System

IC 5-13-11-1
Contract with depository
     Sec. 1. The county board of finance for a county described in IC 5-13-7-1 or the fiscal body for any other political subdivision and the investing officer of a political subdivision may contract with a depository for the operation of an investment cash management system.
As added by P.L.19-1987, SEC.13. Amended by P.L.46-1991, SEC.2.

IC 5-13-11-2
Requirements of contract; awarding of contract
     Sec. 2. (a) The contract must:
        (1) be in writing;
        (2) provide for the investment of funds by the depository with the approval of the investing officer;
        (3) provide that the depository keep those records concerning the investment cash management system that the political subdivision would maintain for audits by the state board of accounts;
        (4) provide that investments will be made in accordance with this article;
        (5) not have a term of more than two (2) years; and
        (6) be awarded under the bidding provisions of IC 5-22.
    (b) If no designated depository whose principal office or branch is located within the political subdivision will provide an investment cash management service permitted in this chapter, then the contract for an investment cash management service must be awarded as provided in IC 5-13-8-9(c). If the investment cash management service contract is awarded to a financial institution whose principal office or branch is located outside the political subdivision, then the recipient of the contract does not constitute a designated depository of the political subdivision for purposes of investment under IC 5-13-9-3 unless it meets the limitations of IC 5-13-9-4 or IC 5-13-9-5, but does constitute a depository under this article for all other purposes.
As added by P.L.19-1987, SEC.13. Amended by P.L.49-1997, SEC.28.

IC 5-13-11-2.5
Contract renewal
     Sec. 2.5. (a) A contract may be renewed under this chapter if the county board of finance for a county subject to IC 5-13-7-1 or the fiscal body of a political subdivision and the investing officer of the political subdivision agree with the depository to renew the contract under the same terms or better terms as the original contract.
    (b) The term of a renewed contract may not be longer than the term of the original contract.     (c) A contract may be renewed any number of times.
As added by P.L.173-2003, SEC.3.

IC 5-13-11-3
Service charge
     Sec. 3. The contract may provide for the depository to assess a service charge for its management of the investment cash management system. The service charge may be paid by direct charge to the deposit or other account or in any other manner mutually agreed upon by the investing officer and the depository.
As added by P.L.19-1987, SEC.13. Amended by P.L.66-1989, SEC.2.

IC 5-13-11-4
Monthly report of transactions
     Sec. 4. The depository shall furnish the political subdivision with at least one (1) report each month of transactions concerning the investment cash management system.
As added by P.L.19-1987, SEC.13.

IC 5-13-11-5
Interest or accretion
     Sec. 5. The depository shall credit any interest or other accretion from an investment to the investment account of the political subdivision. The interest or accretion becomes a part of the principal in that account.
As added by P.L.19-1987, SEC.13.