KRS 212.480: Depository for funds.

The board shall annually select a bank, or banks, or banking institutions for the current

deposit of the board's funds for the current operating expenses and which bank, or banks

or banking institutions shall give and maintain a bond, or bonds, or other fo rm of security

to be approved by the mayor and the county judge/executive, said bond, or bonds or other

forms of security to be conditioned upon the safekeeping and prompt payment of said

funds placed in said depository when demanded by a duly authorized officer of the board.

The amount of said bond, or bonds or other form of security shall be, in the discretion of

the board, the mayor and the county judge/executive, in any amount not less than one

hundred thousand dollars ($100,000), or said depository, in lieu of said bond and with the

approval of the board, the mayor and county judge/executive, may place in escrow or

under the joint control of an officer of said depository and the chairman of the board,

United States bonds or other United States securitie s of an amount not less than one

hundred thousand dollars ($100,000).