Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-8-3 - Procedures for Processing State Warrants and Checks3.1. Check Processing by the Treasurer - Upon receipt by the Treasurer of a warrant issued by the Auditor, the Treasurer shall ascertain whether there are sufficient funds in the treasury to pay that warrant. If the Treasurer finds there are sufficient funds in the treasury to pay the warrant, he or she shall endorse the warrant. If this requirement is met, the Treasurer shall endorse the warrant directing the Treasurer's disbursement bank to pay the money as instructed. The Auditor shall provide the Treasurer a daily listing of all warrants issued. This listing shall be in paper form, electronic media, or any other form as determined by the Treasurer.3.2. Check Processing by the Disbursement Bank - The disbursement bank shall process all checks issued by the Treasurer in accordance with the requirements of the contract for the disbursement account. The disbursement bank shall provide the Treasurer a daily listing of all checks paid. Also, the disbursement bank shall provide the Treasurer the total dollar amount of checks paid by the bank each day. Each day, the Treasurer shall transfer to the disbursement account from his or her receipt account, an amount sufficient to cover all checks paid.3.3. Reconciliation of the Disbursement Bank Account - The disbursement bank shall reconcile the disbursement account in accordance with the requirements of the disbursement account contract.