Kan. Admin. Regs. § 122-2-1

Current through Register Vol. 43, No. 49, December 5, 2024

Section 122-2-1 - Qualifications for depository banks

(a) State moneys shall be deposited only in state financial institutions which have been determined to meet qualifications in this regulation for depository banks. Each depository bank shall be a state financial institution which has been determined by the board:

(1) to have demonstrated credit-worthiness;

(2) to have executed a security agreement with the board; and

(3) to have executed a custodial agreement with the board.

(b) Moneys to be deposited in any state financial institution shall not be deposited until the financial institution's board of directors has executed and adopted the security agreement and custodial agreements required under subsection (a). Alternatively, moneys which may be invested in state financial institutions may be invested with such financial institutions in the form of a repurchase agreement wherein the state takes delivery of the underlying securities.

Kan. Admin. Regs. § 122-2-1

Authorized by K.S.A. 1994 Supp. 75-4232; implementing K.S.A. 1994 Supp. 75-4205, 75-4208, K.S.A. 1994 Supp. 75-4209, as amended by 1995 SB 9, Sec. 2, K.S.A. 1994 Supp. 75-4217, and 75-4218; effective, T-122-7-27-95, July 27, 1995; effective Nov. 17, 1995.