44 Ind. App. 578 | Ind. Ct. App. | 1909
The petition in this case was filed under section thirteen of what is known as the public depository act (Acts 1907, p. 391, §7534 Burns 1908), for the purpose of procuring the approval, by the court, of a bond tendered to the board of finance of the school city of Aurora, in connection with the bid of appellee for a portion of the deposits of the funds of said school corporation.
A demurrer for want of facts to the petition was overruled and the cause put at issue by a general denial. Upon the issues thus formed the cause was tried by the court and judgment rendered against appellant.
The overruling of the demurrer to the petition is assigned as error.
Sections fifteen and sixteen of the depository law (Acts 1907, p. 391, §§7536, 7537 Burns 1908) contain the following provisions: “Section 15. Any bank or trust company subject to examination by state or national authority, and having its place of business in this State, and doing business herein, which shall desire to receive public funds of the State on deposit, or any such bank or trust company within any county desiring to receive on deposit public fends of the county, or of any public corporation within the county, shall file with the respective board of finance on the day mentioned in such notice, its written proposal to receive a maximum sum of public funds on deposit, file the required security,” etc. “Section 16. The boards of finance shall meet at the time and place fixed in said notice, and shall open such proposals and consider the same, and any bank, banks or
Section twenty-one of said act (§7542 Burns 1908) provides, in part: “When two or more banks or trust companies in the same county, city, town or township, propose to become depositories of the funds thereof and offer the rate of interest provided for herein, it shall be the duty of the board of finance of such county, city, town or township to select, impartially, as many of such banks or trust companies for depositories as tender satisfactory security for such deposits,” etc.
The only limitations on the number of banks or trust companies which shall be designated as public depositories are the provisions of said sections.
Section twenty-three of said act (§7544 Burns 1908) dispenses with advertising when only one bank or trust company is located in the county, and provides that in counties where there is no bank or trust company offering to accept public funds and complying with the requirements of this act, the board must designate some bank or trust companies outside of such county and within the State as such depository or depositories.
In this case two banks located in the same town met the requirements of the statute, each proposing to become a depository for the funds of said school city.
Prom the language of §7542, supra, providing that “when two or more banks or trust companies in the same county,” desire to become depositories, it shall be the duty of the board ‘ ‘ to select, impartially, as many of such banks or trust companies for depositories as tender satisfactory security for such deposits,” etc., it seems that the legislature had in contemplation the proposal of more than one bank or trust company in the same county, city, town or township, and that the funds should be deposited impartially between them.
Amendments have been made to the statute, but none changing any of the provisions involved in the questions here considered,
Judgment affirmed.