H0524 Summary

• Amends Section 57-128, Idaho Code to clarify that supervising boards shall designate financial institutions within the county as public depositories if sufficient qualified depositories exist in that county.

• Allows designation of public depositories within Idaho (outside the county) if insufficient qualified depositories exist within the county, provided they comply with Section 57-113, Idaho Code.

• Requires depository designation be determined by competitive bidding or other standard business practices.

• Maintains the existing limit that public fund deposits in any single depository cannot exceed the total of that institution's capital, surplus, reserves, and unallocated or undivided earnings.

• Declares an emergency, making the act effective upon passage and approval.