212.480 Depository for funds. The board shall annually select a bank, or banks, or banking institutions for the current deposit of the board's funds for the current operating expenses and which bank, or banks or banking institutions shall give and maintain a bond, or bonds, or other fo rm of security to be approved by the mayor and the county judge/executive, said bond, or bonds or other forms of security to be conditioned upon the safekeeping and prompt payment of said funds placed in said depository when demanded by a duly authorized o fficer of the board. The amount of said bond, or bonds or other form of security shall be, in the discretion of the board, the mayor and the county judge/executive, in any amount not less than one hundred thousand dollars ($100,000), or said depository, in lieu of said bond and with the approval of the board, the mayor and county judge/executive, may place in escrow or under the joint control of an officer of said depository and the chairman of the board, United States bonds or other United States securitie s of an amount not less than one hundred thousand dollars ($100,000). History: Created 1942 Ky. Acts ch. 41, sec. 11.
Kentucky Legal Code