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1 <br />i <br />1 <br />funds on deposit in that institution; and the obtaining of $135;184989 worth of notes <br />and other securities from the Vero Beach Bank & Trust Company was simply an additional <br />precaution taken by the Board and was over and beyond the requirement of the law, and <br />the fact that these securities were of different form from that prescribed to W put up <br />In the original designation of the depository is not in contravention either of.the spin: <br />or letter of the law. And, therefore, I find nothing in connection with the designation <br />of the Vero -Beach Bank & Trust Company or the security put up that is in any manner a <br />violation of. the .law. <br />4. Critioism is made in the report that none of the depository banks signed an <br />offer and gexarantee to.pay said Board interest on county funds as required by Section <br />, <br />2404 and :2405 of the Compiled General Laws of Florida 1927. In this connection, there.is <br />no question but what said statutes provide for the payment of interest on county funds <br />on deposit with county depositories; but the forma for the application and appointment <br />of county depositories have been prepared and ftruished to the depositories and to the <br />i <br />county by the.Comptroller of the state of Florida, who has the final approval of the <br />J <br />designation of county depositories, and these forms were not prepared by this Board nor <br />by the banks, but solely by the Comptroller, and these forms do not provide for any <br />guarantee of interest; and if there is any criticism to be made of the failure of the <br />Board to require the payment of interest on county funds; that criticism must be levdldd <br />at the Comptroller of the state of Florida, and not at this Board_. <br />5• The remaining criticism leveled at the handling of county funds with the <br />0 <br />Vero Beach Bank & Trust Company has to do.with the transfer to this bank of $23,500 in <br />funds from other banks; it being stated that the same was done without any authority <br />J <br />shown upon the minutes of the Boards and upon checks dram other than the regular county <br />warrants. It is contended in the report that this is in violation of Section 2409 of t <br />Compiled General. Laws of Florida providing ,how funds are to be drawn from depositories. <br />While conceding, that on the face of it, the transfer of such funds to the Fero Beach <br />Bank & Trust Company may have been irregular, it is not my opinion that Section 2409 has <br />any reference to, this situation* That section. relates; in may judgments solely to the <br />drawing. of money from county depositories in the payment of county indebtedness and does <br />not refer to the transfer of funds of the county from one depository to another. I do <br />not conveive that it is a violation of the law for county officials to transfer county <br />funds from one duly designated county depository to another.as long as the Board of <br />County Commissioners is advised of this situation, and there is nothing in the transact <br />to cause me.. to conclude that these transfers were made without any notice to the other <br />members of the Board. Indeed, my investigation of the situation discloses that ever; - <br />since the creation of Indian River County it has been customary for transfers of county <br />funds.to be made from one county deppsitory to another, and the records in the Clerkts <br />office indicate that this has been done upon numerous occasions between the other county <br />depositories and inasmuch as.it seems to have been a fixed custom that these transfers <br />should be made, I oannot see why any exception should be made in the case of Vero Beach <br />Bank & Trust Company. And inasmuch as the Board of County Commissioners is.charged.wi <br />the duty of supervision over county afTAILrs it must be conceded that the Board had kno- <br />ledge of the custom of transfer of county funds from one depsoitory to another from time <br />to time, and; therefore, there appears to me to be nothing irregular in the transaction. <br />Section 6079 Compiled General Lawn of Florida relating to depositories of public money <br />provides that "all sheriffs; tax collectors, city treasurers, clerks of courts, receiv, <br />and the treasurers of other agents of the state or of the courts thereof may deposit any <br />