The State Auditor and State Treasurer are co-authorized by law to permit state agencies
to have local bank accounts when specific needs may exist for such accounts.
SDCL 4-4-3.
Public funds maintained in state treasury -- Local bank accounts as official
accounts -- Signatories -- Statements required of agencies holding state funds
in local bank.
All state public funds shall be received and maintained in the state treasury,
and shall be disbursed only upon proper authorization by the state auditor and
the state treasurer, unless the state treasurer and state auditor jointly
determine a justification exists for maintaining public funds in a local bank
account. A local bank account authorized by the state auditor and state
treasurer is an official account of the state subject to the custody of the
state treasurer under
§
1-10-1. Neither the state treasurer nor the state auditor may be a signatory on
any local account. Any agency holding state funds in any local bank account
shall provide a quarterly statement of activity in that account to the state
treasurer and the state auditor.
SDCL 4-4-2. "State public funds" defined. The term, state public
funds, means cash, checks, bills, notes, drafts, stocks, bonds, and all similar mediums of
exchange which are received or disbursed under law, including rules, by a department,
institution, commission, any other agency of state government, or any entity created for
the purpose of risk sharing by joint powers agreement pursuant to chapter 1-24.
