(A) The County Quorum Court hereby ordains that a County Depository Board consisting of the County Judge, Tax Collector and Treasurer is established. The Board shall designate depositories and supervise the depositing of all county funds, and all other public funds held by the County Treasurer, except funds of a school district, and shall also designate depositories and supervise the depositing of all funds collected and held by the County Collector. The Board may also require county officials to settle with the County Treasurer more frequently than required by state law.
(B) The County Depository Board is required to make timely investment of public funds in order to earn optimum interest consistent with the prudent man rule for investments.
(C) The County Depository Board shall require the collateralization for the deposit or investment of public funds for amounts not fully insured directly by the United States of America. The members of the County Depository Board shall use their sense of awareness of the financial condition of depository institutions being considered for deposits, and they may require as a condition for placing deposits or keeping funds on deposit any financial data as they need so as to make an informed decision including, but not limited to, quarterly financial statements, quarterly profit and loss statements, and tangible net worth (capital) to assets ratios.
(D) Within ten days following the annual meeting of the County Depository Board, it shall furnish to each member of the Quorum Court and to the County Clerk for inclusion in the permanent records of the county a copy of the minutes of its meeting, as prescribed by Act 21 of 1935.