(1) The executive authority shall designate as the city‘s official depositories one (1) or more banks, federally insured savings and loan companies or trust companies within the Commonwealth. The amount of funds on deposit in an official depository shall be fully insured by deposit insurance or collateralized in accordance with 12 U.S.C. § 1823, to the extent uninsured, by any obligations, including surety bonds permitted by KRS § 41.240(4).
(2) All receipts from any source of city money or money for which the city is responsible, which has not been otherwise invested or deposited in a manner authorized by law, shall be deposited in official depositories. All city funds shall be disbursed by written authorization approved by the executive authority which shall state the name of the person to whom funds are payable, the purpose of the payment and the fund out of which the funds are payable. Each authorization shall be numbered and recorded.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 207, sec. 1, effective July 14, 2000. — Created
1980 Ky. Acts ch. 232, sec. 6, effective July 15, 1980.