{"data":{"id":"us-ky/krs-164.440","jurisdiction":"us-ky","citation":"KRS 164.440","heading":"Depository -- Bond and duties of.","body":"Each board of regents shall appoint a bank or trust company to serve as its depository.\nThe depository shall, before entering upon its duties, execute a bond for the faithful\nperformance of the duties of the office, to be approved by the board. The bond sh all be\nguaranteed by at least five (5) solvent personal sureties whose solvency exceeds the\namount of the bond, or by a surety company authorized to do business in this state, or\nthrough the execution of a collateral bond consistent with the general banking laws of this\nstate and the bonding laws applying to the safeguarding of state funds. The depository\nshall be designated for a period of one (1) year or a part thereof, and before entering upon\nits duties shall agree with the board of regents as to the am ount of interest to be paid on\naverage daily or average monthly balances. The interest shall not be less than two percent\n(2%) if the board pays the premium on the depository bond. The penal sum of the\ndepository bond shall be determined by the board of re gents and shall as nearly as\npossible cover the maximum amount of money that the board might have on hand in the\ndepository at any one (1) time. The depository shall hold for the board, subject to its\nwithdrawal at any time, all funds deposited by the treasurer or any agent of the board, and\nshall pay over to such person and in such manner as the board directs all funds so\ndeposited. The depository shall keep full and complete accounts of all the board's funds,\nmake such reports to the board or its authoriz ed agents as the board directs, and keep and\nturn over to the successor of its office all records relating to its transactions and duties\ntogether with all public funds on hand.","path":["KRS Chapter 164"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=4290","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:15Z","sha256":"f759584008f3c39dc6e580d028f56e99b34f3b1c70d007f3b0cdcd7973e6a9d1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164.430","next":"us-ky/krs-164.450"},"notice":"GroundRules: Original legal text. Not legal advice."}