{"data":{"id":"us-ky/krs-41.220","jurisdiction":"us-ky","citation":"KRS 41.220","heading":"Designation of banks as state depositories -- Minimum capital stock","body":"requirement -- Use of banks if state depositories not designated.\n(1) Not less than three (3) solvent banks shall be designated as state depositories for\nstate funds. Each ban k designated shall have not less than the minimum capital\nstock as required by the primary state or federal regulator of the bank. Banks shall\nbe designated as state depositories for state funds upon agreement of the State\nTreasurer and the secretary of the Finance and Administration Cabinet. Those banks\ndesignated shall be entered in the executive journal. If at any time it appears that the\ncapital of any state depository has become impaired, the state's deposits shall be\nwithdrawn and deposited with another state depository.\n(2) The State Treasurer and the secretary of the Finance and Administration Cabinet\nshall determine the needs for moving state funds from one (1) designated depository\nto another.\n(3) If no banks are designated as state depositories in  accordance with this section, all\nbanks as defined in KRS 41.010 shall be considered eligible state depositories.","path":["KRS Chapter 41"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51349","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:00Z","sha256":"c5b04f8425eaeb3fb8f38e79d298a05fa27bc28c94b834da30dd9d7e4284376b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-41.210","next":"us-ky/krs-41.230"},"notice":"GroundRules: Original legal text. Not legal advice."}