STATE GOVERNMENT
AND STATE AFFAIRS
CHAPTER 27
DEPARTMENT OF FINANCE
67-2739.Designation of depository -- Reporting of capital and surplus. (1) The state treasurer
shall designate institutions 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 any state depository above the total covered by federal insurance
exceed at any one time, in the aggregate, the total of the capital
and surplus of such state depository. In the event that any bank has
been designated as a depository under this chapter, such designation
shall continue in force until revoked by the treasurer.
(2) Every
banking corporation or national banking association 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 or the effective date of this act,
whichever shall be sooner, file with the state treasurer, the affidavit
of one of its officers showing the amount of the capital stock and
surplus of such association or corporation. In the event that such
corporation or association has such an affidavit on file with the
state treasurer on the effective date of this act, such affidavit
or affidavits shall satisfy the requirement of this section until
January 31 of the year next following the effective date of this act.
Affidavits shall be effective for the purposes of this section for
a period of one (1) year following the date of their filing. If such
corporation or association is to continue as a designated state depository
under this section, a like affidavit shall be filed in like manner
for the succeeding year, on or before the date specified by the state
treasurer. No such corporation or national banking association 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
depositories. 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 for 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