(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.