Navigation Top
AGO Logo Graphic
AGO Header Image
File a Complaint
Contact the AGO
AGO Opinions with Topic: AUTHORITY TO TRANSFER FUNDS ON A TEMPORARY LOAN BASIS FROM ONE SOLVENT FUND TO ANOTHER SOLVENT FUND
AGO 1961 No. 29 >  May 18, 1961
OFFICES AND OFFICERS - COUNTY - COMMISSIONERS - CHARGING OF INTEREST - DURATION OF LOAN - AUTHORITY TO TRANSFER FUNDS ON A TEMPORARY LOAN BASIS FROM ONE SOLVENT FUND TO ANOTHER SOLVENT FUND
OFFICES AND OFFICERS ‑- COUNTY ‑- COMMISSIONERS ‑- AUTHORITY TO TRANSFER FUNDS ON A TEMPORARY LOAN BASIS FROM ONE SOLVENT FUND TO ANOTHER SOLVENT FUND ‑- DURATION OF LOAN ‑- CHARGING OF INTEREST (1) County funds which are neither transferable without limitation nor not transferable at all may be loaned on a temporary basis to a solvent fund.(2) The responsibility for making the loan is that of the Board of County Commissioners rather than the County Treasurer.(3) Insolvency of the borrowing fund, in the sense of no assured income within the control of the governmental body to which the fund belongs, would preclude the loan being legally made.(4) The permissive duration of a loan from one county operating fund to another may extend beyond the county fiscal period but must not be a permanent transfer.(5) The County Commissioners must charge a stated interest rate per annum to the borrowing or benefited fund.
Content Bottom Graphic
AGO Logo