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5 0 ° 3. The third paragraph of said report has reference to the Vero Beach Bank & Trust Company. It appears from said report that when that bank closed on October 309 19289 there was on deposit to the credit of the county in its various funds a total of $1280929.270 Considerablb criticism is leveled by the report,at some of the transactions in connection with the handling of county affairs with this institution, although there is very little, if any# difference between the manner the affairs were handled :with this bank and with the Farmers Bank# The Vero Beach Bank & Trust Company was last'',made a. county depository on June 11, 1928, at the same time the Farmers Bank of Vero Beach and the Indian River County Bank were also made county depositories. By reference to the minutes of the Board, it will be seen that the 'Pero Beach Bank & Trust Company was re- quired to furnish security in the sum of $20,000 and the Farmers Bank of Vero Beach in - o _ 0 the sum of $10,000 to secure the deposit of county funds. The report shows and admits that this provision was complied with by the hero Beach Bank & Frust Company, in that there were $209000 of municipal bonds placed as security for the county funds. Sections . m 2404 and 2405 of the Compiled General Lags of Florida relating to the sileotiou of county Q depositories do not provide for any definite amount of security to be taken; but provide that the same shall be 11 in an amount to be determined by the Board and to be approved both as to amount and validity by the Comptroller of the state'. The amount of the security fixed by the Board of County Commissioners for the Vero Beach Bask & Trust Company and Farmers Bank and Indian River County Bank was fixed in open session of the Board on the llth day of -June; 1928, It was at this meeting that the Vero Beach Bank & Trust Company was last designated as a depository of county funds, and I direct your special attentipu to the fact that at this meeting, at which the said Fero Beach Bank & Trust Company was last designated as county depository; and at which time the amount of the security which it was.to give the county for the deposit of said funds was fixed at $2090009 or twice as much as that fixed for the Farmers Bank; Mr., Jobn H. Atkin was not present; and therefore had nothing to do with the designation of this bank as a depositor nor with fixing its aeau#-ty but the same, was done and agreed to by all the other members of the Board who; the minutes.show, were present, to -wits lbssrs. J• r. P. Hamilton, J. B. LaBruceG, 1. Braddock and.0. 0. Helseth; and these amounts so fixed by the Board were approved by the Comptroller of the State of Florida, and the Board, there- fore, complied with both the spirit and the letter of the law in connection with the fix - Ing of the amount of the security and in accepting the form of security. The fact at the time of the closing of the bank additional security for funds was bypothicated to the Board of County Commissioners and this additional security was In the formof notes and mortgages and not the type designated by the statutes to be given by a bank when selected as a county depository does not mean that there was any violation of the law by the Board in taking such security. In other words.; when the Board of County Commissioners on June Ile 19283, fixed the amdunt of security to be given by both the Vero Beach Bank & Trust Company and the Farmers Bank of Vero Beach, and this was approved by the Comptroller; and mun.ioipal bonds put up by each of said institutions totaling the amount so fixed by the Board, the Board complied frith the laws and was not required under the law to compol the Vero Beach Bank & Trust-,,70ompany or the Farmers Bank of Fero Beach to put up any other or additional security, and although a failure so to do might have been the exercise of poor judgment on the part of the Board; there has been.no violation of the late In this respect In any particular$ and certainly the action of the Board in obtaining from the Vero Beach Bank & Trust.Company additional security in the amount of S135s164.87 indicated a desire on the part of the Board to obtain for the county every possible security for the county