2005 Idaho Code - 57-128 — DESIGNATION OF DEPOSITORY

                                  TITLE  57
                           PUBLIC FUNDS IN GENERAL
                                  CHAPTER 1
                            PUBLIC DEPOSITORY LAW
    57-128.  DESIGNATION OF DEPOSITORY. The supervising board shall designate
one or more financial institutions within the boundaries of the depositing
unit which are qualified public depositories as defined by section 57-110,
Idaho Code, and which is in compliance with section 57-113, Idaho Code, as
depository or depositories for the moneys required to be kept by the
treasurer. Such designation shall be determined by competitive bidding or by
other means generally accepted as standard business practice. In no case shall
the deposit or deposits of public funds of any depositing unit in any public
depository, exceed at any one (1) time in the aggregate the total of the
capital and surplus or reserves and unallocated or undivided earnings, as
applicable, of such public depository. In the event that any financial
institution has been designated as a depository under this chapter, such
designation shall continue in force until revoked by the supervising board of
the depositing unit.