IC 5-13-14
Chapter 14. Miscellaneous Provisions
IC 5-13-14-1
Loan for proper conduct of business of state or political
subdivision; limitation; pledge of deposits in closed depository
Sec. 1. (a) If the state or any political subdivision has public funds
on deposit in a closed depository, the state or political subdivision
may borrow an amount of money necessary for the proper conduct
of the business of the state or political subdivision.
(b) The amount of money borrowed under subsection (a) may not
exceed the amount of money the state or political subdivision has on
deposit and unpledged in the closed depository at the time the loan
is made.
(c) For the purpose of securing the payment of a loan made under
this section, the state or any political subdivision, through the
treasurer of state, county treasurer, or fiscal officer of any political
subdivision other than a county, may pledge any or all of the deposits
in the closed depository.
As added by P.L.19-1987, SEC.16.
IC 5-13-14-2
No liability for public servant for loss of funds in closed depository
Sec. 2. A public servant is not liable for loss of public funds in
any closed depository if the funds have been deposited in the manner
required by this article.
As added by P.L.19-1987, SEC.16. Amended by P.L.107-2011,
SEC.2.
IC 5-13-14-3
Criminal liability of public servant for failure to deposit; liability
on bond
Sec. 3. A public servant who violates the depository duties in this
article is subject to criminal prosecution under IC 35-44.2-2-1. The
public servant also is liable upon the public servant's official bond
for any loss or damage that accrues.
As added by P.L.19-1987, SEC.16. Amended by P.L.107-2011,
SEC.3; P.L.126-2012, SEC.22.
IC 5-13-14-4
Repealed
(Repealed by P.L.126-2012, SEC.23.)
