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164.440 Depository -- Bond and duties of.
Each board of regents shall appoint a bank or trust company to serve as its
depository. The depository shall, before entering upon its duties, execute a bond for
the faithful performance of the duties of the office, to be approved by the board. The
bond shall be guaranteed by at least five (5) solvent personal sureties whose
solvency exceeds the amount of the bond, or by a surety company authorized to do
business in this state, or through the execution of a collateral bond consistent with
the general banking laws of this state and the bonding laws applying to the
safeguarding of state funds. The depository shall be designated for a period of one
(1) year or a part thereof, and before entering upon its duties shall agree with the
board of regents as to the amount of interest to be paid on average daily or average
monthly balances. The interest shall not be less than two percent (2%) if the board
pays the premium on the depository bond. The penal sum of the depository bond
shall be determined by the board of regents and shall as nearly as possible cover
the maximum amount of money that the board might have on hand in the depository
at any one (1) time. The depository shall hold for the board, subject to its withdrawal
at any time, all funds deposited by the treasurer or any agent of the board, and shall
pay over to such person and in such manner as the board directs all funds so
deposited. The depository shall keep full and complete accounts of all the board's
funds, make such reports to the board or its authorized agents as the board directs,
and keep and turn over to the successor of its office all records relating to its
transactions and duties together with all public funds on hand.
Effective:October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from
Ky. Stat. sec. 4527-55.
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