O.C.G.A. § 45-8-10 (2019)
Deposit of funds in banks or depositories - Requirement generally
All funds belonging to the state or to any of its bureaus, commissions, boards, or departments shall be deposited in designated state depositories. Every collecting officer and every officer to hold public funds who receives any money belonging to any public body shall promptly deposit the money in a designated state depository.
History
(Ga. L. 1933, p. 78, § 6; Code 1933, § 89-810.)
Annotations
Cross references. - State depositories, § 50-17-50 et seq. JUDICIAL DECISIONS Bond relieved when public funds deposited officially. - A county treasurer is required to deposit the county money in a bank and to have it give bond to secure the deposit, and, if it is deposited officially or if the bank knows it to be a public deposit, the treasurer’s bond is
thereby relieved. Hancock County v. Hancock Nat’l Bank, 67 F.2d 421 (5th Cir. 1933). Cited in Whipple v. American Sur. Co., 92 F.2d 673 (5th Cir. 1937); Harrison v. May, 228 Ga. 684, 187 S.E.2d 673 (1972).
OPINIONS OF THE ATTORNEY GENERAL Deposit of funds exceeding insured amount. - The collecting officer or officer holding the funds of a hospital authority may deposit funds of the authority in a local bank or banks notwithstanding the fact that the amount of the funds so deposited may exceed Federal Deposit Insurance Corporation insurance on the account, if the authority requires the depository to give bond or make deposit of
securities in trust to secure such deposits, pursuant to former Code 1933, §§ 89-810 and 89-812 (see now O.C.G.A. §§ 45-8-13 and 45-8-10). 1969 Op. Att’y Gen. No. 69-500. A credit union is not a proper depository for public funds belonging to or in the custody of a municipal corporation inasmuch as a credit union is not a bank. 1974 Op. Att’y Gen. No. 74-41.
RESEARCH REFERENCES Am. Jur. 2d. - 63C Am. Jur. 2d, Public Officers and Employees, §§ 263, 345, 348.
C.J.S. - 67 C.J.S., Officers and Public Employees, § 396.