2016 Indiana Code
TITLE 5. STATE AND LOCAL ADMINISTRATION
ARTICLE 13. INVESTMENT OF PUBLIC FUNDS
CHAPTER 11. INVESTMENT CASH MANAGEMENT SYSTEM
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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 investment contracts; awarding of contracts
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) provide that the depository may invest funds in the same
investments and for the same terms as the treasurer of state may
invest funds of the state under this article;
(6) not have a term of more than two (2) years; and
(7) 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; P.L.102-2014, SEC.5.
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
Indiana Code 2016
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 for management of system; payment by direct
charge or from interest earned
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:
(1) by direct charge to the deposit or other account; or
(2) in a manner that subtracts the service charge from interest
earned on the funds in the deposit or other account.
As added by P.L.19-1987, SEC.13. Amended by P.L.66-1989, SEC.2;
P.L.147-2011, SEC.3; P.L.202-2011, SEC.3.
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.
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