2020 Georgia Code
Title 45 - Public Officers and Employees
Chapter 8 - Accounting for Public Funds
§ 45-8-15. Deposit of Funds in Banks or Depositories - Lien in Favor of Public Body on Bank Assets; Deposit as Trust Fund
Upon any deposit of public funds being made in any bank, whether designated as a depository or not, there shall arise in favor of the public body to which such fund belongs a lien on all the assets of said bank, superior to all other liens, for the amount of such funds. Upon being deposited in any bank, all funds of any public body shall be deemed to be held as a trust fund.
(Ga. L. 1933, p. 78, § 6; Code 1933, § 89-813.)
OPINIONS OF THE ATTORNEY GENERAL
The funds of a local housing authority held exclusively for a public purpose were public funds within the meaning of former Code 1933, §§ 89-812 and 89-813 (see now O.C.G.A. §§ 48-5-13 and45-8-15). 1957 Op. Att'y Gen. p. 7.
Purchase of obligations of public housing agency by depository bank.- A state bank may purchase obligations of a public housing agency and pledge the obligations as security for the repayment of a deposit of funds made with the bank by the housing agency provided the purchase of such obligations does not exceed 10 percent of the capital and unimpaired surplus of the bank. 1957 Op. Att'y Gen. p. 7.
