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2018 Georgia Code 50-17-53 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 50-17-53 Case Law from Google Scholar Amendments to OCGA 50-17-53

TITLE 50 STATE GOVERNMENT

Section 17. State Debt, Investment, and Depositories, 50-17-1 through 50-17-105.

ARTICLE 3 STATE DEPOSITORIES

50-17-53. Authority to determine amount to be deposited; deposit security required.

To enable the board to fulfill its responsibilities of ensuring safe and effective cash management, the board shall be authorized to determine, from time to time, in respect to all state funds, whether deposited by the state treasurer or any other department or agency of the state government, any and all of the following:

  1. The maximum amount of state money which may be deposited in a particular depository;
  2. The maximum and minimum proportion of state funds which may be maintained in a particular depository;
  3. The amount of state funds to be deposited in particular state depositories as time deposits, and the periods of such deposits, provided that all state depositories shall give security for state deposits as required by law, but the board, in its discretion, may choose not to require that security be given in the case of special deposits and operating funds; and
  4. The policies and procedures governing the collection, processing, deposit, and withdrawal of state funds.

(Ga. L. 1949, p. 13, § 4; Ga. L. 1960, p. 1144, § 2; Ga. L. 1971, p. 553, § 4; Ga. L. 1973, p. 149, § 4; Ga. L. 1982, p. 3, § 50; Ga. L. 1992, p. 1247, § 3; Ga. L. 2010, p. 863, § 4/SB 296.)

OPINIONS OF THE ATTORNEY GENERAL

Constitutionality.

- This law does not in any way pledge the credit of the state in violation of the prohibition contained in Ga. Const. 1976, Art. VII, Sec. III, Para. IV (now Ga. Const. 1983, Art. VII, Sec. IV, Para. VIII). 1948-49 Op. Att'y Gen. p. 435.

This section, which permits the State Depository Board to determine the maximum and minimum proportion of state funds which the treasurer (now director) can maintain in a particular depository, does not render this law unconstitutional. 1948-49 Op. Att'y Gen. p. 435.

Inconsistent laws are superseded or repealed.

- To the extent that former Code 1933, § 89-812 (see O.C.G.A. §§ 34-8-81 and45-8-13) or any other prior laws were irreconcilably inconsistent with former Code 1933, §§ 100-101 and 100-106 (see O.C.G.A. §§ 50-17-50 and50-17-54), those laws were superseded or repealed by implication. 1971 Op. Att'y Gen. No. 71-112.

Return of collateral.

- When the State Depository Board acted to waive the bond requirement for a particular depository, it would be appropriate for the Department of Human Resources to return any collateral held as security for demand deposits in that depository; in other words, former Code 1933, §§ 100-104 and 100-106 (see O.C.G.A. §§ 50-17-54 and50-17-58) did not require the return of collateral, but rather the action of the State Depository Board is required. 1971 Op. Att'y Gen. No. 71-112.

Board can change required amount.

- This is a flexible provision, and the board can from time to time vary and change these amounts in the board's discretion. 1948-49 Op. Att'y Gen. p. 435.

Negotiable certificates that are time or call deposits.

- Assuming that negotiable certificates of deposit are either time deposits or call deposits, depending on the specific agreement, the State Depository Board, through the state treasurer, would be authorized to purchase negotiable certificates of deposit from state depositories, provided rules as to maximum amount and proration of deposits in particular depositories and all relevant statutes are observed; if negotiable certificates of deposit are neither time deposits nor call deposits, then purchase would be unauthorized. 1971 Op. Att'y Gen. No. 71-79.

Limitations on purchase of negotiable certificates of deposit.

- Terms "the most advantageous contracts for interest" and "time deposit agreements" permit the state treasurer to purchase negotiable certificates of deposit from state depositories provided the negotiable certificates of deposit are at the rates of interest required by the State Depository Board. 1971 Op. Att'y Gen. No. 71-79.

State depositories must provide security in the form of a bond or a bond and certain enumerated securities in a sum equal to the amount of money to be deposited with such depository; however, it is noted that the guarantee of the Federal Deposit Insurance Corporation shall be accepted as collateral to the extent authorized by federal law. 1968 Op. Att'y Gen. No. 68-61.

Deposit of money gifts in state depositories.

- Department of Public Safety may accept private foundation funds which are designated by the foundation for specified projects subject to the following limitations: the gift must be accepted in the name of and in behalf of the state; any conditional gift must not require the Department of Public Safety to exceed the department's powers; and all gifts of money must be held in accordance with the statutes relating to the deposit of money in state depositories. 1974 Op. Att'y Gen. No. 74-140.

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