(a) The state board of finance shall designate as a depository for public funds of the state any financial institution qualified under section 1 of this chapter that:(1) properly files an application to receive a deposit of public funds of the state and to provide the security required by IC 5-13-13-7; and(2) is suitably located with reference to the convenience of the officers and state institutions using that financial institution.(b) The state board of finance may invite and act upon applications and designate depositories at any time when additional depositories may be available or are required for the state or a political subdivision.As added by P.L.18-1996, SEC.22.
Indiana Legal Code