Indiana Code

Ind. Code § 5-13-8-1 (2026)

Deposit of public funds; prerequisites

✓ current as of May 2026

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Sec. 1. (a) A political subdivision may deposit public funds in a financial institution only if the financial institution:

(1) is a depository eligible to receive state funds; and

(2) has a principal office or branch that qualifies under section 9 of this chapter to receive public funds of the political subdivision.

(b) The state board of finance shall make available information concerning financial institutions eligible to receive state funds as may be requested by a local board of finance. A local board of finance may rely on certificates described in IC 5-13-9.5-1(d) in determining to deposit public funds or reinvest public funds in the financial institution.

As added by P.L.19-1987, SEC.10. Amended by P.L.5-1988, SEC.37; P.L.66-1989, SEC.1; P.L.44-1990, SEC.2; P.L.2-1993, SEC.47; P.L.74-1995, SEC.2; P.L.18-1996, SEC.7; P.L.46-1997, SEC.5.

Notes of Decisions

Cited in 1 case, 2003–2003 · leading case: Hometown Fin., Inc. v. United States, 56 Fed. Cl. 477 (Fed. Cl. 2003).

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Hometown Fin., Inc. v. United States, 56 Fed. Cl. 477 (Fed. Cl. 2003). “Ind.Code Ann. § 5-13-8-1 (1989). Because New Hometown could not meet this new criteria, it was precluded from continuing to act as a depository of state and municipal funds.”

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