§ 19-3-510 - Types of accounts for deposits.
19-3-510. Types of accounts for deposits.
(a) All State Treasury funds deposited in depository institutions shall be credited to accounts in the name of the Treasurer of State. All accounts which the Treasurer of State shall establish in any or all depository institutions may be determined by the Treasurer of State as either demand deposit accounts, certificates of deposit, or other accounts as deemed necessary.
(b) The certificate of deposit account in each such depository shall consist of state funds as deposited under the State Treasury Certificate of Deposit Investment Program and trust funds deposited for various trust funds.
(c) The demand deposit account in each such depository shall be of such amount subject to 19-3-509 as determined by the Treasurer of State and shall consist of:
(1) All federal funds, as described in 19-7-101 et seq.;
(2) Trust funds to the extent that such funds are not invested in securities and certificates of deposit; and
(3) State funds to the extent that such funds are not invested in securities.
(d) No treasury funds may be deposited in any depository except under the terms of a written agreement entered into between the Treasurer of State and the depository, the essential elements of which agreement shall be conformable to, or not inconsistent with, applicable state and federal law and regulations promulgated thereunder.