Chapter 43.85 RCW

STATE DEPOSITARIES

Sections

43.85.070Deposits deemed in state treasuryLiability.
43.85.190Investment deposits and rate of interest.
43.85.200Investment deposits and rate of interestState moneys defined.
43.85.210Investment deposits and rate of interestDemand and time accounts authorized.
43.85.220Investment deposits and rate of interestMembers of federal reserve or federal deposit insurance corporation.
43.85.230Investment deposits and rate of interestTerm deposit basis.

NOTES:

Public depositaries, deposit and investment of public funds: Chapter 39.58 RCW.


Deposits deemed in state treasuryLiability.

The state treasurer may deposit with any qualified public depositary which has fully complied with all requirements of law and the regulations of the public deposit protection commission any state moneys in his or her hands or under his or her official control and any sum so on deposit shall be deemed to be in the state treasury, and he or she shall not be liable for any loss thereof resulting from the failure or default of any such depositary without fault or neglect on his or her part or on the part of his or her assistants or clerks.

NOTES:

ConstructionSeverability1969 ex.s. c 193: See notes following RCW 39.58.010.
Liability of treasurers and state treasurer for losses of deposits: RCW 39.58.140.



Investment deposits and rate of interest.

It is the purpose of RCW 43.85.190 through 43.85.230 to authorize the state treasurer to make investment deposits of state moneys or funds in his or her custody in qualified public depositaries at a rate of interest permitted by any applicable statute or regulation.

NOTES:

Severability1983 c 66: See note following RCW 39.58.010.
ConstructionSeverability1969 ex.s. c 193: See notes following RCW 39.58.010.



Investment deposits and rate of interestState moneys defined.

All moneys or funds belonging to or in the custody of the state under the control of the state treasurer shall be considered as state moneys or funds.



Investment deposits and rate of interestDemand and time accounts authorized.

The state treasurer may deposit state moneys or funds at interest in any qualified public depositary upon a demand or time account basis.

NOTES:

Severability1983 c 66: See note following RCW 39.58.010.



Investment deposits and rate of interestMembers of federal reserve or federal deposit insurance corporation.

If state depositaries are member banks of the federal reserve system, or are banks the deposits of which, within certain limits, are insured by the federal deposit insurance corporation and, as such, are prohibited by a statute of the United States or by a lawful regulation of the federal reserve system or of the federal deposit insurance corporation, or of any authorized agency of the federal government, from paying interest upon demand deposits of public funds of a state, the payment of interest shall not be required of such depositaries to the extent and for the period of time that payment thereof is prohibited.



Investment deposits and rate of interestTerm deposit basis.

The state treasurer may deposit moneys not required to meet current demands upon a term deposit basis not to exceed five years at such interest rates and upon such conditions as to withdrawals of such moneys as may be agreed upon between the state treasurer and any qualified public depositary.

NOTES:

Severability1983 c 66: See note following RCW 39.58.010.