Eanorrblo
1. b. YJoho- pa@ 0
AFClOlO 3828, VO(,Zat'8 AnnoCatod Clvll 5tahsto*, pro-
VI&or thbc tho tom* oountl trobAwoP* Md •oouac~ tmr-
ury’ b8 u8.d la all provl8inu relating co rcbool
rball bo oon8truod co moan Cbo oouattdopo8lco~,iz?%t
tklo 8oa1881ato?8' court rbll Ill0 rlth the stat. Doprrt-
meat of B&obtloa a 0091 of tlao bead of raid doporltorr to
OOTO? rehool~.
Ar.tlole 2629 o f th o lbmo oodlflutlon pawvl’lo8 b8 Sol-
lovr t
Ylitun tveatt da78 +ft*r the reo*ipt or
of it8 8oloctlon, the Countf De-
l o o r Clfl~a to
porltorf rxecuto a good bad ruf’liolent
rhll
bond, pqablo to the County JuQgs, ln amount
lqu@l to Cbo prohblr uount of l?allabXo
S&o01 ?und, vbloh UJ k on doporlt at my
en. tlmo, utd of tho pomaaoat Couat~ Fund,
to bo ortiutrd by the Countr Buporlatmdeat,
oc Carpi88l~on~ Court ln a ootatr bylag no
suporlatMd8nt, and 8tlall be conAltloaad that
thr depomltory vi11 faithfully perfom Lt8
dutlor undo? thlo title, and rrfrly koep ati5
faithfully dirbuno the School Fund lo o o c dla g
to fmv, anb pay ruab vbrrbntr a8 M# be drrva
QI uld fund bl oapatmt luthorlt~) prorl&d,
In 110~ of raid boa& rueb doporltory mar 80-
ours bald bobool Funda ln the 8a80 Manor aa
Im nov rorldod bl Iav for qwlificrtlon as
CouatJ is po8ltory.
%a* 1-A. la the ovont deporlcork8
hare boon roloatsd bt the time of bdO$'tiOtt
of tho aboro prer%,rlm, roeb doposltorlor u),
at optian, uouun ma14 Uchool hrnd br l gp?ovo4
rocurltlor otbor than by powma bond.
Artlolo 2824 ruthoricor raoh oountr to roll or dlr-
~080 OS the lamb gwtodto it Sor odueatianal vurpo8e8
and imost tho p~~ceedrthawof la bondrof tho tw r-c-
lflod Cboroln.
O\P 8iQv.r Ceet hd thlm qrurtla kiaro it %n Uw
oano U Xomvnor ve Couatyof Wlvmmton, 73 9.x. ~16, 11 8.Y.
%o have not found w 0-u ~orl~lon
of mo rtatatorvhloh8ako~ mo OOuntJ tlwA@lwo?
~Nmtmalmn Of tan mmou?ltlom bmlmaglq to tb
p?Mamntmmhoml?ua&. ButholrPoqulPodbf8P-
tlolm995 tmbopmn mmoountmf'tbmdobtmdum
to an4 fkom hlr oouae, to Qinot peououtlonr
dooordl4to law fornowory of all dmbtm that
Ipbo am hlr e0un~,urdrn rlnkad ale-‘ool+
lootioatbxJoof'.&tlelo s nqulPo8 hl8 to
Vopmrtthm dobtm4uato - omunty tm thm Oa-
8im810nem1Oourt, ad tbo moxt lmmoaodlng me
tid@ 8-w8 -8 lUt&U 'Roau3.l&llTU
tb Wn8y8, morurltlmm, 2r' all emu mprtq
ti th@ OOBSitJ
ilthimaldr -*tOhi 8W6088oT
la offia~* niamarsUml.8 mPm lafYi8loattm
a h oa v
mvo mink ma t lb vul08to mp l8toma t d
tb ooun~ t?euuPoP&mile br the l\utdl&
of mo DoouPltlo8bolaglagto me mhoelt~
of ma umy.'
(Artlolmm995, 996 rod 997, mborr?m?mFrmdto
mo courthwo ken bra ttorvu4 lm&tlmIom 171, %
17l.l
and ins, lltrO.b.,
1 .)
If &O 8kttlkS-lath0 t0 fb OOUDW dO~8itOFJhW0
Eonor4blo R. 8. uyollm - pmg4 4
IlOt ohqpd th4 1bV tith 3’08~0t t0 th4 OUStw Of SUOh 84-
oWitfO8, thM th0 4bOVO-qUOt46 holdlag UI8VOPS OW qUt#tiOD,
for the St4tUtOS Qit4d by the court m Still it~ cfftat.
m8 qUO#tiOD d8p8hnmt in 1931. Ve
VOS bOfOrS this
quot, the folloving fPOm L letto? o~S.~lon of June 9, 1931,
to Honorable 8. W. 1. ~WZ’S State Superintendent of Publlo
~nStIWOt1Oll (vol. 32, Q. 344)t
“It i8 OW OQilliOtl . . . th+t”thtttXl8
'fund8 $8 8ynonylsoUa vith tbe krm 'mon4j'
*I used in thi8 OOnnOCtiOtY . . . The term
‘fund8’
lVida Sitlj
CCLIttl&MteS, U U84d in
th4 St4tUt48 Ttl&tiVO t0 ‘the OOUDty dtposi-
tOl'p Of SChOO1 fUDd8, 8OI&.~h1~ t0 b4 pl804d
vlth me ba& vhloh Ifill own lilttre8t OD
the entire 4mouztt. In th18 OOmSrOi&i S@,
it VOtid b0 ridiOtiOU8 t0 @84trt that 4ny
b&z& vould paylntmecrrtto the county for
the jmlvlle Of holding bond8 4r other84-
Clll'iti48Kh YOh it Ta8 Dot .fl’44 t0 $411 01‘
dispo8o Of Mb tbU8 Wk4 money for it44lf.
The act Is based upon the
well knovn f4ct
that bsnk8 OM ltnd arOa4y deposited vith
tlxm ad 4~11) Interest, snd thay are In
turn olmrgsd With tht US0 Of th4 ln~rtey
plraod with them, whkh they in turn ~84
in the bsnking bUSilbS88.
(I
. . .
"
. . . . Lou we adrlmad that the cw-
t&y of tht bon&and Other MOUr~tiOS NP
resenting ~ilNtStarellt8 Of the POI'mMtnt Sohool
FuaG, in sty OpiDiOD, VOtid ti with the OOUnt$
trtosurtr of tit county. By Artiole 1712
th18 oPfiol(Lt ir, requlrdd t0 deli?eP to hi8
8UC04880~ IlOt OtiJ th4 lnOD4~8 OF 0-l’ POP
trty of the oounty in his hands, but a80
th4 StCIX’iti48. tI18 gewral bond OOV4PS ..
hi8 P44pOnslbLIlty rOr SUOh 84CUPiti48. Kelap
nor v. County of Omlromten, 73 Tax. 216."
‘, ,(
* “.‘..
~onoralo 8. 8. uyOh4 - w 5
It Is out oplnlon that the popmr oon8tmotlon or
tQm 14~ 18 4naouno4d in the above-quoted o~lnloa.
e18 OODOhSi0tt 18 fWtir i.O
w dM lXWM tlOD Or
ltdUtOB
tax4 th4nm4lvbm.
&Mole la provt&lag for tbo 8wmtJ bonds or
2547
6OUD+Q dO~BitOPiO8 mW1d48 tbd thOJ Ihti k in M (L-
mount "4quU to tii4 crmtlt8atod hlghort dally bal4no4 0r
#U&h OOUn~ W dettrmiwd w t& cOEd8~iOItO~8 COU’t,
8U4h latim&t4d dally belanoe t0 b4 L.B tr0 OVOnt 1488 than
StVttlty-ihO FOP Otnt~~oi the hQhO8t drily balenot
6f Stid oounty for tho next preoedlng par, 1488 the a-
mount of bond funds ncolrod md trptndod, provided, hov-
over, ID tb4 tYOnt th4t eOUTitY fU.ttdSderhod fi0m tht
S&4 Of OOUQ~ 84OUJ’itit4 during th0 krm #UC& bond art
dtporltod, lu0h C0~~l8810~4~8 Court shall Mqulra a&&i-
timRl bond e&/or bODd8, Uxd/Or &hit@ Or 8eouritle8
4QI.u t0 tbs WIIOIIDtOr SU0h 4dditiOnti OOWIe hrad8."
(daphP818 Supplied)
Artlole 298 ~OvideS In vwtr
"Uhentwr , piter the croatloa of 0
oouatttydepository, AS by th18 &t ~ovidtd,
there ohall 4oorut to the aountg w My Sub-
dlvlsiw theroo~, any iUnd8
._ _ Or !nQtttyt
._ fPom
the S&t4 DOWiS WOr OUlWVlSO, tll0 CowriB-
tiiOml.8cOUl@t Or muoh OOUDtr at it8 fir8t
lssdtlng UtW SU4h BP4OiCi rUDd8 &a h4YO
OOStO into th0 TrOaSUTJ, Or dtpO#it~ Or
D& t OOMty, 0’2 80 ldOD th4P44ft4P U Ouy
bo prMtiooua,tBv mko VrlttendOmand
upon the dul7 uaoredit4d 4ad lBt&blISh de-
pO#itorJ 4r th 0COUnw for l 89801a ai-
tiord bond 08 BU4h dOpOSitOF7 ia l *Um 4-
QU.Sd t0 the KhOlt SAIOUtIt Or SU4h 8~401a
fu0d, t0 bt kept in rOrO4 SO ~OD# (LB #U&I
fund8 ma&in In such 6tpaSitory.
It i8 88~1 1~ thy rlr#t
%tit tb4 SW4iQX&UCO
bond 18
to b o o fa ~
mo unt
lqu&l to the "48tlmakd highest dally
baliU30eq. It Ia our opinion that t&4 vord "balan04' oon-
Eonoreble R. 8. Wyoho - PW 6
.
aoo~unt where roaoys may be deposited
md lllthdrawn on rrsquent ooosslons. In the seoond pl&oo*
It Is obvious that the surety bond Is sot to oover ssourl-
ties, for provIsIon is mede f6r 8thbdditional bond to oover
sddit1oas.l funds realized from the ssle o? seourltles.
It would bb lncon UOU8 to ray that the seoupltles sre
to be In the oulltody OF the depwltory tr the surety bond
under the law does not make provIblon to oover then. HUBI-
ripal bonds we negotiable ln8trument8, and the title to
moot bonds passes by delivery. It IS our opinion that the
Legislature did not Intend that county-ovned securltles
should be plaoed In ‘the oustody 6f the county depoeltom.
This Is evident from the requirement that the oounty de-
posltory’must furnzsh an addltlonel surety bond to cover
sdditlonaJ funds realized from the ssJ.e of recurltles and
deposited wit& the depository.
You er6, therefore, advised that it is the opinion of
this’ department that the curtody of bonds owned by the oounty
permanent school fund 1s properly vlth the county treasurer,
and not the county depository.
You &ek whether the omnlssloneral court has the author-
ity to require an additlonsl seourlty bond for the safieReep
lng of these bonds. Your attention 1s directed to Article
1704 which provides that the oounty tZ4asureF shall give b-’
bond payable to the oounty judge, to bt approv’ed bg the eon+
nls4~on4rrt ootirt "in such sum is suoh oourt may deem neoes-
Artlele 1705 provide8 that the ootmnlssIonerst oourt,
k%& It considers the bond or bends losufflolent, shall
require such treasurer to give another bond or bonds or en
sddltlonel bond or bonds. Thlr authority is impi for the
court to require an additIonal bond If it determines that
the preeent bond IS lnsufflolcnt.
Vtry truly youra,
/ L---‘ -
GUS-bv
APPROYE
OPINION
COYMll
r,_”/I-+: