, whether they are subject to the requirements of said. my province to express an opinion, as to the effect, if

Similar documents
1954 O. A. G. amended by Acts of 1951, Ch. 145, as found in Burns' Indiana. Statutes (1948 Repl., 1953 Supp.), Section et seq.

Dr. Norman M. Beatty Memorial Hospital and cannot be

(1) Shall a city or town which has come into

RESOLUTION NO SUPPLEMENTAL BOND RESOLUTION AUTHORIZING THE ISSUANCE OF

and issuing a receipt for same, fifty cents (50Ø) ; for attesting a marginal assignment or release, twenty cents (20Ø); for searching for

RESOLUTION NO SUPPLEMENTAL BOND RESOLUTION AUTHORIZING THE ISSUANCE OF ENVIRONMENTAL INFRASTRUCTURE REFUNDING BONDS, SERIES 2015A-R1

RESOLUTION DRAFT CAMDENTON REORGANIZED SCHOOL DISTRICT NO. R-3 OF CAMDEN COUNTY, MISSOURI PASSED JANUARY 9, 2017 AUTHORIZING

2015D GENERAL OBLIGATION (LIMITED TAX) SCHOOL IMPROVEMENT BONDS (ADDITIONALLY SECURED BY PLEDGED REVENUES) BOND RESOLUTION

A refusal under such circumstances to permit the state

INDENTURE OF TRUST. Among THE TRUSTEES OF INDIANA UNIVERSITY. And. THE BANK OF NEW YORK TRUST COMPANY, N.A. as Trustee DATED AS OF JANUARY 15, 2008

OPINION 57. or statutory prohibition against the city engineer employing. Indiana Board of Pharmacy State Offce Building. Indianapolis, Indiana

OFFICIAL OPINION NO. year old person as Justice of the Peace?" ANALYSIS

to superior offcers within the administration of the

IC Chapter 2. Interstate Toll Bridges

RESOLUTION NO. R RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $2,250,000 GENERAL OBLIGATION PROMISSORY NOTES

(3). Section 3 of said Act specifically authorizes the. purchase of "special equipment needed in a class or school

1. Acts 1965, ch. 261, 99 16, 17, 18, and 19, impose certain

8 SYNOPSIS: This bill would authorize the incorporation. 9 of the Gulf State Park Improvements Financing

1965 O. A. G. 1965, prevails and will be the law upon distribution and circulation, as provided by the Indiana Constitution. OFFICIAL OPINION NO.

FIRST SUPPLEMENTAL TRUST AGREEMENT PROVIDING FOR THE ISSUANCE OF MASSACHUSETTS BAY TRANSPORTATION AUTHORITY ASSESSMENT BONDS 2000 SERIES A

OPINION 25. original 1947 Act, as found in Burns' (n), sup1'a, the. supra, with reference to suspensions following the conviction

REDEVELOPMENT AGENCY OF THE CITY OF SPARKS, NEVADA. as Grantor AND U.S. BANK NATIONAL ASSOCIATION, as Trustee INDENTURE OF TRUST

THIRD SUPPLEMENTAL SYSTEM REVENUE BOND RESOLUTION. Approved July 25, 2013

RESOLUTION NO OF THE CITY OF WICHITA, KANSAS AS ADOPTED JANUARY 13, 2009 AUTHORIZING THE ISSUANCE OF $9,590,000

PAYING AGENT AGREEMENT. by and between VALLEJO CITY UNIFIED SCHOOL DISTRICT. and. U.S. BANK NATIONAL ASSOCIATION, as Paying Agent. Dated July 1, 2017

OPINION 5. Public Transportation Corporation is not an " offce" within OFFICIAL OPINION NO. March 8, 1968 CRIMINAL LAW AND ENFORCEMENT-OFFICERS,

TRUST INDENTURE. Dated as of May 1, Between CITY OF OVERLAND PARK, KANSAS. and. UMB BANK, N.A. as Trustee. Relating to:

This wil acknowledge receipt of your letter wherein you

I shall answer your questions in the order in which they

$ CITY OF ALBANY (Alameda County, California) 2016 General Obligation Refunding Bonds BOND PURCHASE AGREEMENT

Reference: Article XII, Section 9. Ballot Title: Public Education Capital Outlay Bonds. Ballot Summary:

"The final or confirming resolution has now been. Armistice Hil. change in administration, and the metropolian district

OPINION 8 OFFICIAL OPINION NO. April 4, Issued by Department of Revenue.

TITLE 58 COMPACT FUNDS FINANCING

RESOLUTION NO. RESOLUTION AWARDING THE SALE OF $3,970,000 GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2018A

RESOLUTION NO OF THE CITY OF WICHITA, KANSAS AS ADOPTED SEPTEMBER 20, 2011 AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $18,500,000

Hon. John 1. Bradshaw, Jr. State Representative Chamber of Commerce Building. Indianapolis, Indiana. Dear Representative Bradshaw:

the general provisions of the Acts of * * * Would you kindly advise me if existing Statutes do not

OPINION E. Washington Street, #1108. This is in answer to your letter of November 12, 1962,

OPINION OFFICIAL OPINION NO. Offcial Opinion answering the following questions: 1. What effect will Section 18, Chapter 350, Acts

ORDINANCE NO

ACTNo SB By Senators Butler, Orr, Mitchem, Sanford, Bedford, and Barron. 4 RFD: Finance and Taxation General Fund.

CITY OF SAN MATEO. and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee TRUST AGREEMENT. Dated as of January 1, 2012.

CALIFORNIA CONSTITUTION ARTICLE 11 LOCAL GOVERNMENT

RESOLUTION NO OF THE CITY OF WICHITA, KANSAS AS ADOPTED SEPTEMBER 20, 2011 AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $9,025,000

OPINION 12 OFFICIAL OPINION NO. services other than those services these local units of government are specifically authorized

OFFICIAL OPINION NO. 66. Your letter of September 3, 1948, is hereby acknowledged and reads as follows:

CITY OF BEAVER DAM, WISCONSIN COMMON COUNCIL MEETING AGENDA MONDAY, APRIL 15, 8:00 P.M.

ORDINANCE NUMBER 67-O-12

THIS CONVERTIBLE PROMISSORY NOTE IS BEING ISSUED IN REGISTERED FORM PURSUANT TO A CERTIFICATE; AND IS RECORDED ON THE BOOKS OF THE COMPANY.

OFFICIAL OPINION NO.1 7 February 28, Mr. Edwin Steers, Sr., State Election Board, 108 East Washington Street,

ARTICLE XIV. - WATER DEPARTMENT

7ORDINANCE NO. OF THE BOARD OF COMMISSIONERS OF THE TOWNSHIP OF MARPLE, DELAWARE COUNTY, PENNSYLVANIA

City of Grand Island

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION OF FLORIDA

H 8256 SUBSTITUTE A ======= LC02887/SUB A ======= STATE OF RHODE ISLAND

BOND PURCHASE AGREEMENT BETWEEN UNIFIED SCHOOL DISTRICT NO. 261, SEDGWICK COUNTY, KANSAS (HAYSVILLE) AND GEORGE K. BAUM & COMPANY WICHITA, KANSAS

School Board Agenda Oregon City School District, November 26, 2018

TITLE 1: GENERAL PROVISIONS 100. GENERAL PROVISIONS AND DEFINITIONS 101. ESTABLISHING FEES AND CHARGES

NEW YORK STATE PUBLIC AUTHORITIES LAW TITLE 5 MONROE COUNTY WATER AUTHORITY

ORDINANCE NO. CITY OF BELTON, MISSOURI PASSED OCTOBER 10, 2017

DIVISION OF BOND FINANCE OF THE STATE BOARD OF ADMINISTRATION OF FLORIDA

SEPTEMBER SESSION SEPTEMBER 18, 2018

DORMITORY AUTHORITY OF THE STATE OF NEW YORK THE JEWISH THEOLOGICAL SEMINARY OF AMERICA REVENUE BOND RESOLUTION. Adopted June 21, 2017

ORDER AUTHORIZING THE ISSUANCE OF EL PASO COUNTY HOSPITAL DISTRICT GENERAL OBLIGATION REFUNDING BONDS

***************************************************************** RESOLUTION CITY OF TOPEKA, KANSAS ADOPTED NOVEMBER 7, 2006

ORDER AUTHORIZING THE ISSUANCE OF AVERY RANCH ROAD DISTRICT NO. 1 UNLIMITED TAX REFUNDING BONDS; LEVYING AN

The Saskatchewan Loans Act

ORDINANCE NO

LARAMIE COUNTY COMMUNITY COLLEGE BUILDING AUTHORITY WYOMING BANK & TRUST. as Trustee INDENTURE OF TRUST

RECITALS. 1. The State Service Contract Legislation, comprised of. Section 16 of Chapter 314 of the Laws of 1981,

TWENTY-SEVENTH SUPPLEMENTAL RESOLUTION TO THE MASTER RESOLUTION AUTHORIZING THE ISSUANCE, SALE, AND DELIVERY OF BOARD OF REGENTS OF THE UNIVERSITY OF

MISSISSIPPI LEGISLATURE REGULAR SESSION 2018

DRAFT RESOLUTION CAMDENTON REORGANIZED SCHOOL DISTRICT NO. R-3 OF CAMDEN COUNTY, MISSOURI PASSED JULY, 2013 AUTHORIZING

INDENTURE OF TRUST. by and between SOUTH ORANGE COUNTY PUBLIC FINANCING AUTHORITY. and. U.S. BANK NATIONAL ASSOCIATION, as Trustee

PAYING AGENT AGREEMENT

II. D. 2 12/3/2018 (F&A)

S 2807 S T A T E O F R H O D E I S L A N D

WHEREAS, the 2004 Bonds were issued pursuant to a resolution of the Governing Body adopted on, 2004 (the "2004 Bond Resolution"); and

contingent right to hold over after 31 December 1957 had

CHAPTER Committee Substitute for House Bill No. 823

CHAPTER 25 GENERAL PROVISIONS

Downriver Utility Wastewater Authority

AIRPORT COMMISSION CITY AND COUNTY OF SAN FRANCISCO. '1 r.-... nr'z~ RESOLUTION NO. l \,) U '' ' ~

BOARD OF ALDERMEN AGENDA

PENNSYLVANIA TURNPIKE COMMISSION ACT Act of May 21, 1937, P.L. 774, No. 211 Cl. 36 AN ACT

O R D I N A N C E NO. 60. AN ORDINANCE directing the issuance of One Million Seven. Hundred Thousand Dollars ($1,700,000.00) General Obligation Sewer

CHAPTER Committee Substitute for House Bill No. 1345

1 [Issuance of General Obligation Bonds - Earthquake Safety and Emergency Response Bonds, Not to Exceed $400,000,000] 2

ORDINANCE NO. 2 SEWER DISPOSAL

OPINION 50. be restored in accordance with Burns' to , institution designated a school instead of a hospital. Ed. 442, 68 S. Ct.

THE PORT OF PORTLAND (OREGON)

IERA IDAHO ENERGY RESOURCES AUTHORITY ACT. Title 67, Chapter 89, Idaho Code IDAHO ENERGY RESOURCES AUTHORITY ACT

REEDY CREEK IMPROVEMENT DISTRICT AD VALOREM TAX REFUNDING BOND, SERIES 2010 CLOSING DATE: SEPTEMBER 23,2010

CHAPTER House Bill No. 1423

OPINION 58. From the foregoing I am of the opinion your questions. that part of the Acts of 1949, Ch. 247, Sec. 4, supra, to

TRUST INDENTURE BETWEEN ALLEGHENY COUNTY HOSPITAL DEVELOPMENT AUTHORITY AND $150,000,000

WHEREAS, the Community Facilities District has determined that it would be advantageous to refund the outstanding Prior Bonds;

Los Angeles, February 27, 2018

INDENTURE. by and between. WELLS FARGO BANK NATIONAL ASSOCIATION as Trustee. and STOCKTON PUBLIC FINANCING AUTHORITY. Relating to

Transcription:

OPINION ture under the provisions of Section 6' (k) of Chapter 232 of the Acts of 1965, is clearly to be paid by the builders and contractors, and said builders and contractors no longer act as retail merchants in the transfer of tangible personal property to the construction projects they are performing. This Opinion is limited to answering your question as to the tax liability which will arise if contracts of the class described are performed. No opinion is expressed, nor is it within my province to express an opinion, as to the effect, if any, the unexpected shifting of the tax burden may have on the duties or obligations of either party to such a contract. OFFICIAL OPINION NO. 18 Hon. Jack L. New Treasurer of State 242 State House Indianapolis, Indiana Dear Mr. New: June 11, 196' This is in response to your request for my Offcial Opinion in answer to the question of whether the "Depository Act of 1937," as amended, being the Acts of 1937, ch. 3, as amended, as found in Burns IND. STAT. ANN. (1961 Repl.) 61-622 to 61-682, applies to certificates of deposit acquired by the State Offce Building Commission pursuant to the Acts of 1965, ch. 203, S 2. Simply stated, your question is whether such certificates of deposit constitute "public funds " and if, whether they are subject to the requirements of said depository act. As used in said depository act, the term "public funds" is defined by the Acts of 1937, ch. 3, S 1 (e), as amended, as found in Burns IND. STAT. ANN. (1961 Repl.), S 61-622 (e) as follows: " (e) The term ' public funds' means and includes all funds coming into the possession of the treasurer of state, treasurer of the board of trustees of any state benevolent, penal or educational institution, and all funds coming into the possession of any state offcer

1965 O. A. by virtue of such offce, and all funds coming into the possession of any local offcer by virtue of such offce, but shall not mean nor include funds coming into the possession of any public offcer which are not impressed with a public interest nor designed for a public use: Provided, That the term 'public funds' shall mean and include all fees and funds of whatever kind or character received by judges or clerks of city courts or justices of the peace courts by virtue of their offces. Also, the term "state offcer is defined by said act-the Acts of 1937, ch. 3, S 1 (a), as amended, as found in Burns IND. STAT. ANN. (1961 Repl.), S 61-622 (a)-as follows: (a) The term 'state offcer ' or the plural thereof means any person or persons elected or appointed to any offce of the state government and includes all boards, commissions, departments, institutions and other bodies established by law to function as a part of the state government and which are supported wholly or partly by appropriations of money made from the state treasury, or which are supported wholly or partly by taxes or fees. It may be noted that you have a multiple interest in this question in that not only are you the Treasurer of State, and as such are an ex offcio member of the State Board for Depositories as provided by the Acts of 1937, ch. 3, S 22, as found in Burns IND. STAT. ANN. (1961 Repl.), S 61-643, and, as such Treasurer of State, you are also the legal custodian of the "public depositories insurance fund" as provided by the Acts of 1937, ch. 3, S 20, as found in Burns IND. STAT. ANN. (1961 Repl.), S 61-641, but also you are, by action of the State Offce Building Commission, the treasurer of such commission. However, because the statutory duties of the Treasurer of State do not require that you also be the treasurer of the State Offce Building Commission, the monies which you receive on behalf of the commission are not received by you as the Treasurer of State, which distinction is fully discussed in 1958 O. G., p. 204, No. 47. Nevertheless, the commission may empower you to act as its treasurer so long as there is no. compensation received or agreed upon between

OPINION yourself and the commission, as held in Book v. State Offce Building Commission 238 Ind. 120, 149 N. 2d 273 (1958), said case also holds that the State Offce Building Commission, is a commission for performing duties and functions required to be performed in carrying out the provisions of the act which rest within the executive administrative department of state government. Thus, subject to the exceptions found in the case of Book v. State Offce Building Commission, supra the commission is an instrumentality of the state and as such, would constitute a commission under Burns 61-622 (a) supra. Thus, the funds which you receive on behalf of the State Offce Building Commission are received by you a state offcer by virtue of your offce as treasurer of a state commission and any "public funds" so received would be subject to the requirements of the " Depository Act of 1937, " as amended, supra unless there is some other statutory provision which supersedes the general requirements of said depository act. It has been held that whenever there are two statutes, each of which presumably governs a certain fact pattern, and one of such statutes is general and includes the particular fact pattern although not specifically but by inclusion with all other fact patterns in a general classification, and there is another statute which is special, in that it includes and is applicable only to the particular fact pattern in issue, then the special statute is construed to be the controlling statute and particularly where it has been enacted subsequent to the general statute. Sutherland Statutory Construction, 3rd Ed., Vol. 1, S 2022, p. 488. In this situation, the above rule of statutory construction seems most appropriate. The ' Depository Act of 1937," as amended su.pra is a statute of general application and concerns the manner of protecting the "public funds" of not only the state and state agencies, but also of municipal corporations, such as counties, cities, towns, townships, school cities, school towns, school townships, taxing districts, special assessment districts and includes the fees and funds received by judges or clerks of city courts or justices of the peace courts by virtue of their offces. On the other hand, the Acts of 1965, ch. 203, should be considered as a special act providing a particular means of protecting the " public funds" of the State Offce Building

1965 O. A. G. Commission whenever they are invested as authorized by S of said Act, which section reads, in part, as follows: SEC. 2. Acts 1953, c. 221, is amended by creating and adding thereto a new and additional section to be numbered 14B and to read as follows: Sec. 14B. The proceeds of the refunding debentures issued pursuant to Section 14A of this Act shall be placed in escrow and applied, with any other available funds, to the payment on the date selected for redemption of the principal, accrued interest and any redemption premiums of the debentures being refunded, and, if so provided or permitted in the resolution authorizing the issuance of such refunding debentures may also be applied to the payment of any interest on such refunding debentures, and any costs of refunding. Pending such application, such escrowed proceeds may be invested in direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by the United States of America which shall mature; or which shall be subject to redemption by the holder thereof at. the option of such holder, not later than the respective dates when the proceeds, together with the interest accruing thereon will be required for the purposes intended. In lieu of such investments, all or part of such proceeds may be placed in interest bearing time certificates of deposits with such bank or banks as the commission shall determine or other similar arrangements may be made with such bank or banks with regard thereto which will assure that such proceeds, together with the interest accruing thereon, will be available when required for the purposes intended provided that such time certificates of deposits or other similar arrangements shall be secured to the full amount thereof by direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America of the type permitted for direct investment of the escrow fund. " (Emphasis added. Thus, from the above-emphasized language of said S 2, it is obvious that the Legislature intended, with respect to such

OPINION time certificates of deposit, that they not, of necessity, be secured according to the requirements of the "Depository Act of 1937," as amended, but rather that the investment of the escrowed proceeds from the sale of the refunding debentures in time certificates of deposit requires only the safeguard of such funds by security to the full amount thereof... by direct obligations of, or obligations the principal of and the interest on which are unconditionally guaranteed by, the United States of America. of the type permitted for direct investment of the escrow fund.... By comparison with said provisions of the Acts of 1965, ch. 203, S 2, supra reference is made to the Acts of 1957, ch. 24 S 1, as amended, as found in Burns IND. STAT. ANN. (1964 Supp. ), S 61-681, which provides as follows: In addition to all other powers conferred by law upon the state board of finance, it may, upon the certification of the treasurer of state that cash of the state of Indiana on deposit is in excess of the daily cash requirements of the state of Indiana anticipated for the next succeeding semi-annual fiscal period, authorize the treasurer of state to deposit such excess of funds in certificates of deposit issued by state banks or trust companies, by mutual savings banks or by national banks having their principal offces within this state. Such certificates of deposit shall mature by their terms not less than six (6) months from the date of the issuance thereof, and shall bear interest at a rate of two per cent (2 %) per annum from which interest otherwise payable shall be deducted such public depository insurance assessment, if any, as the bank or trust company, or mutual savings bank or national bank may be required to pay on account of such certificates of deposit by virtue of the provisions of the Depository Act of 1937 as amended, the same being chapter of the Acts of 1937 ( 61-622-61-663). Such certificates of deposit may validly provide that unless and until the treasurer of state shall give the issuing bank not less than thirty (30) days written notice of his intention to withdraw the same in whole or in part at the maturity

1965 O. A. G. thereof, each such certificate of deposit shall be automatically renewed at its maturity for an additional term of six (6) months. (Emphasis added. supra it is particularly noticeable Concerning Burns 61-681 with respect to the investment of "cash of the state of Indiana on deposit... in excess of the daily cash requirements of the State of Indiana anticipated for the next succeeding semiannual fiscal period, " that you are authorized to invest such excess funds in certificates of deposit but it is contemplated that such certificates are to be safeguarded by the general provisions of the " Depository Act of 1937," as amended, for said section expressly provides for the amount of the public depository insurance assessment to be deducted from the interest otherwise payable and to be paid into the insurance fund. By contrast, the Acts of 1965, ch. 203, S 2 contains no such provision, but relies wholly upon a mandatory, yet different means of safeguarding the time certificates of deposit authorized thereby, which means may be construed to be the only necessary method for protecting such investments. Your letter of inquiry states that the resolution intended to be adopted by the State Offce Building Commission will include a provision requiring each bank issuing such certificates of deposit to secure the same by pledging United States government obligations to the full amount thereof in conformity with S 2 of the Acts of 1965, ch. 203, swpra. Since the authority of the State Offce Building Commission to invest the proceeds from the sale of the refunding debentures in time certificates of deposit is upon the condition that such be secured as provided in the Acts of 1965, ch. 203 supra,, S 2, it is, therefore, my Opinion that such security is to be deemed as fully safeguarding such time certificates of deposit, thereby obviating the necessity for also complying with the provisions of the "Depository Act of 1937, " as amended. Based upon the fulfillment of this condition, the payment of assessments into the public depositories insurance fund is not required of such banks when the proceeds attributable to the sale of refunding debentures are invested in time certificates of deposit in accordance with the Acts of 196', ch. 203, S 2 supra.