BANKS AND BANKING
CHAPTER 21
IDAHO CREDIT UNION ACT
26-2155.Designation of depository -- Reporting of reserves and undivided
earnings. (1) The state treasurer shall designate credit unions qualified under
this chapter as a state depository or depositories. Such designation
shall be determined by competitive bidding or by other means generally
accepted as standard business practice. In no case shall the deposit
or deposits of state funds in the account of any public entity in
any credit union exceed at any one time, the total of the reserves
and undivided earnings of such credit union or the total sum covered
by share and deposit insurance provided by either the national credit
union share insurance fund or by a deposit guarantee corporation authorized
to issue share and deposit insurance contracts in this state, whichever
sum shall be less. In the event that any credit union has been designated
as a depository under this chapter, such designation shall continue
in force until revoked by the treasurer.
(2) Every
credit union designated as a state depository and holding any deposit
of the funds of the state of Idaho under the provisions of this section
shall, on or before beginning to hold such deposits, file with the
state treasurer the affidavit of one (1) of its officers showing the
amount of the reserves and undivided earnings of such credit union.
Such affidavits shall be effective for the purposes of this section,
to and including January 31 next following the date of their filing
but no longer, and, on or before that date, if such credit union is
to continue as a designated state depository under this section, a
like affidavit shall be filed in like manner for the succeeding year.
No such credit union shall receive deposits from nor act as depository
for the funds of the state of Idaho unless and until an affidavit
as is herein required and which still continues in effect is on file
with the state treasurer in accordance with this section.
(3) The
state treasurer is authorized in his or her discretion and from time
to time to negotiate for the payment to designated state depositories
of reasonable compensation for services rendered in acting as such
depositors. The method and/or rate of such compensation and the terms
and conditions thereof shall be fixed by the state treasurer after
such negotiation, which may include the calling of bids for specific
services. All bids received, whether by a formal bidding process or
by negotiation, and the compensation fixed by the treasurer, which
shall be in the form of a written agreement, shall be a matter of
public record.
Idaho Statutes