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.
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; […]
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 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 […]
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 […]
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.
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.
