212.480 Depository for funds. - Kentucky Statutes

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212.480 Depository for funds. The board shall annually select a bank, or banks, or banking institutions for the current
deposit of the board's funds for the current operating expenses and which bank, or banks
or banking institutions shall give and maintain a bond, or bonds, or other form of security
to be approved by the mayor and the county judge/executive, said bond, or bonds or other
forms of security to be conditioned upon the safekeeping and prompt payment of said
funds placed in said depository when demanded by a duly authorized officer of the board.
The amount of said bond, or bonds or other form of security shall be, in the discretion of
the board, the mayor and the county judge/executive, in any amount not less than one
hundred thousand dollars ($100,000), or said depository, in lieu of said bond and with the
approval of the board, the mayor and county judge/executive, may place in escrow or
under the joint control of an officer of said depository and the chairman of the board,
United States bonds or other United States securities of an amount not less than one
hundred thousand dollars ($100,000). History: Created 1942 Ky. Acts ch. 41, sec. 11.