§ 1. Deposit of state moneys in approved banks. Security. Interest. Amount to be deposited. Expense of transporting moneys. Period of deposit. Depositaries outside of state. § 2. Disposition of interest. Active and inactive deposits. Deposits with Federal Reserve Security of inactive deposits. Security of active deposits. Additional security. Liquidation of securities in event of de- Contracts with depositaries. Indemnity bonds to meet depreciation. Receipts for deposits. Withdrawal by check. § 7. § 8. Responsibility of treasurer. § 9. $10. Other state deposits. Conditions. Security. § 11. Penalty. § 12. Stats. 1907, p. 67, repealed. § 1. Deposit of state moneys in approved banks. Security. Interest. Amount to be deposited. Expense of transporting moneys. Period of deposit. Depositaries outside of state. All moneys under the control of the state treasurer, belonging to or in the custody of the state, shall, so far as possible, be deposited by the state treasurer to the credit of the state in such state or national bank or banks in the state as the treasurer, with the approval of the governor and state controller, shall select for the safekeeping of such deposits, and any sum so deposited shall be deemed to be in the state treasury; provided, that the bank or banks in which such money is deposited shall furnish security as hereinafter provided; and provided, further, that such depositary bank or banks be selected from those agreeing to pay the highest rate of interest, not less than two per cent per annum, for such deposits, as may be determined by bids to be submitted at such times and in such manner as the treasurer shall direct; and provided, further, that such deposit shall not exceed the paid-up capital, exclusive of reserve and surplus, of any depositary bank. Any and all bids may be rejected by the treasurer, with the approval of the governor and state controller, and new bids asked for. The expense of transportation of moneys to and from the state treasury to such depositaries shall be borne by such depositaries and they shall handle, collect and pay all checks, drafts and other exchange without cost to the state. Said deposits, with interest thereon, shall be subject to withdrawal at any time upon the demand of the state treasurer, unless the treasurer, with the consent of the governor and controller, shall deposit any part of such moneys upon different terms; provided, that no agreement for the deposit of said moneys shall be for a longer period than one year; and provided, further, that the state treasurer is hereby authorized, under such conditions as he with the approval of the governor, may fix, to deposit moneys in any bank or banks outside this state, necessary for the payment of the principal or interest of bonds, made payable outside of this state, at the place or places at which the same are payable. § 2. Disposition of interest. The interest to be paid by any such depositary bank shall be on the average daily balances of such moneys kept on deposit therewith, and shall be paid and credited to the state monthly on the first day of each and every month, and such interest shall accrue to the general fund of the state treasury; provided, that if any moneys belonging to the state school fund or the state school land fund shall at any time be deposited under the provisions of this act, the interest received thereon shall be paid into the state school fund. § 3. Active and inactive deposits. Deposits with Federal Reserve Bank. There shall be two classes of depositaries; one shall be known as active depositaries and the other as inactive depositaries. The state treasurer, with the consent of the governor and controller, shall determine what amount of money shall be deposited as active deposits and what amount of money shall be deposited as inactive deposits. The state treasurer may call in moneys from inactive deposits and place them in active deposits, when it shall be necessary to do so for the purpose of providing for current demands; and, when there are inactive moneys in his possession for which there are no demands, said inactive moneys may be placed as active deposits. When there are no demands for either active or inactive moneys the treasurer may deposit with the Federal Reserve Bank of San Francisco any gold coin or other moneys in his possession and take from said bank a certificate or other exchange showing such deposit. The provisions of this act shall not apply to such deposits with the federal reserve bank. § 4. Security of inactive deposits. Security of active deposits. Limit. Approval. For the security of inactive deposits, there shall be deposited with the treasurer treasury notes or bonds of the United States, or of this state or of any county, municipality, school district, or irrigation district within this state, which bonds shall be approved by the governor, controller and treasurer, to an amount in value at least ten per cent in excess of the amount of the deposit with such bank or banks. For the security of active deposits, there shall be deposited with the treasurer treasury notes or bonds of the United States or of this state or of any county, municipality, school district or irrigation district within this state, or the surety bond or bonds of any corporation or corporations qualified to act as sole surety on bonds or undertakings required by the laws of this state; provided, that the penalty or the aggregate of the penalties of any surety bond or bonds covering deposits in any one bank given by any surety company shall not exceed ten per cent of the capital and surplus of such company, according to the statement thereof contained in the last preceding report issued by the United States treasury department, but in fixing such limit there shall be deducted from such penalty the amount of any reinsurance the terms of which inure directly to the state of California, placed with a company qualified to execute bonds hereunder within the limits applicable to said company, and evidence of which reinsurance shall be furnished to the treasurer within twenty days after the date of such surety bond. Such securities shall be approved by the governor, controller and treasurer to an amount in value at least ten per cent in excess of the amount of the deposit with such bank or banks. No surety bond shall be accepted from any surety company, unless said company shall be approved by the insurance commissioner of the state as a company possessing the qualifications herein required to secure the deposit of state funds, and it shall be the duty of said commissioner to issue such certificate on demand of the state treasurer showing the qualifications of such companies; and, unless said company shall also hold a certificate of authority from the United States treasury department as being acceptable as a surety on federal bonds. The form of bonds required under this act shall be prescribed by the attorney general of the state. § 5. Additional security. Liquidation of securities in event of default. Termination of surety bonds. If in any case or at any time the security deposited with the state treasurer is not deemed satisfactory by the governor, controller and treasurer, they may require such additional security as may be satisfactory to them. Such security, or any part thereof, may be withdrawn or released on the written consent of the governor, controller and treasurer; provided, that a sufficient amount of said bonds or, when permissible, surety bonds of sufficient penalties, to secure said deposits shall always be kept in the treasury; and in the event that any said bank or banks of deposit shall fail to pay such deposits, or any part thereof, on the demand of the state treasurer, then it shall be the duty of the state treasurer to forthwith recover upon or convert said bonds into money and to disburse the same according to law. The surety upon such surety bond may terminate such bond as to future liability by giving ten days' notice in writing of such termination to the treasurer, and upon receipt of such notice, the treasurer shall require other security in lieu thereof, or shall withdraw the funds covered by said surety bond within said period of ten days, but such notice of termination shall not affect any liability accruing prior to the expiration of said period of ten days. § 6. Contracts with depositaries. The treasurer shall take from such depositary or depositaries a written contract, in triplicate, setting forth the conditions and terms upon which the funds of the state are deposited therewith, one of which shall be filed with the controller. One provision of said contract shall be that each depositary shall at the end of each month render to the treasurer a statement in duplicate showing the daily balances or amount of money of the state held by it during the month and the amount of accrued interest thereon separately, one of which shall be filed by the treasurer with the controller. The treasurer shall annually on the first day of July furnish each depositary bank with a statement showing the amount and description of the notes and bonds on deposit with him by such bank to secure state deposits. § 7. Indemnity bonds to meet depreciation. The treasurer, with the approval of the governor and controller, shall, if in his judgment it shall appear necessary for the security of the state, require said banks of deposit to give an indemnity bond, the sureties on which shall not be interested as stockholders in said bank or banks, to be approved by the governor, controller and treasurer, to secure the state against loss by any depreciation in value that may occur in such notes and bonds held by him as security for the safekeeping and prompt payment of moneys in such depositaries. § 8. Responsibility of treasurer. The state treasurer shall not be responsible for any moneys deposited in a bank or in banks under the provisions of this act, while the same remain there deposited with the consent of the governor and controller; but the treasurer shall be chargeable with the safekeeping, management and disbursement of the notes and bonds and certificates of deposit deposited with him as security for deposits of state moneys, and with the interest thereon, and the proceeds of any sale under the provisions of this act. § 9. Receipts for deposits. Withdrawal by check. At the time of depositing state moneys in any bank, designated as a depositary, the state treasurer shall take and preserve a receipt, certificate of deposit, or such other evidence of the deposit as the treasurer may require, stating the amount deposited and referring to the contract made between the depositary bank and the treasurer. The money so deposited may be drawn out by the check or order of the state treasurer. § 10. Other state deposits. Conditions. Security. All moneys belonging to or in the custody of the state under the control of any officer or employee of the state, other than the state treasurer, may be deposited as active deposits in such state or national bank or banks in this state as such officer or employee may select, and under such conditions as he and the state board of control may fix; provided, this section shall not be construed to repeal or amend any provision of the law now requiring officers or employees to make daily, weekly or monthly settlements. Any bank receiving deposits under the provisions of this section may be required to deposit with the state treasurer such security as is herein before provided in the case of active depositaries. § 11. Penalty. Any officer or employee of this state who deposits any moneys belonging to or in the custody of the state in any manner than as prescribed in this act shall be subject to forfeiture of his office or employment. § 12. Stats. 1907, p. 67, repealed. An act entitled "An act to authorize the deposit of state moneys in banks in this state, and to repeal all acts or parts of acts in conflict with this act," approved February 28, 1907, and all acts amending said act and all parts of acts in conflict with this act are hereby repealed. ACT 2835. An act to provide for the loan from the school land fund to the state of California of the sum of two hundred fifty thousand dollars, providing for the transfer of said amount from the school land fund to the general fund and for the repayment of said amount with interest thereon, and authorizing the controller to transfer moneys from the school land fund to the general fund and from the general fund to the school land fund and from the general fund to the state school fund to carry out the purposes of this act. [Approved March 20, 1907. Stats. 1907, p. 752.] ACT 2836. An act to convert, transfer and return to the general fund of the state treasury, all unexpended moneys heretofore appropriated for the care, management or improvement, or for any other purpose, with reference to the "Yosemite Valley and Mariposa Big Tree Grove" or any money which may be or hereafter come into the Yosemite Valley and Mariposa Big Tree Grove. [Approved March 15, 1907. Stats. 1907, p. 268.] ACT 2837. An act authorizing the transfer of moneys from the salary fund of the state Normal School at San Francisco to the printing fund of said school. [Approved March 19, 1907. Stats. 1907, p. 687.] ACT 2838. Au act authorizing the payment into the general fund of the state treasury of moneys held for the redemption of certain coupons of the civil bonds of 1857 and providing for the redemption of said coupons. [Approved April 12, 1909. Stats. 1909, p. 842.] ACT 2839. An act authorizing the payment into the general fund of the state treasury of moneys held for the redemption of certain coupons of the Central Pacific Railroad bonds of 1864 and providing for the redemption of said coupons. [Approved April 12, 1909. Stats. 1909, p. 843.] TITLE 216. ACT 2849. Gallinas Slough or Creek, in Marin County, declared navigable. [Stats. 1875-76, p. 485.] "Repealed by Pol. C., § 2349 as amended in 1891. Renewed by Pol. C., § 2349 as amended in 1907."-Code Commissioners' Note. TITLE 217. ACT 2859. To suppress gaming. [Stats. 1855, p. 124.] ACT 2860. To prohibit gaming. [Stats. 1857, p. 267.] ACT 2861. To prohibit gaming. [Stats. 1860, p. 69.] TITLE 218. ACT 2871. An act to restrict fishing within seven hundred and fifty feet of any pier, wharf, jetty or breakwater in fish and game district number nineteen of the state of California. [Approved May 13, 1919. Stats. 1919, p. 463.] § 1. Restriction on fishing near piers. |