Q Is it time to select depositories?

A Yes. Under Section 27-105-305, counties must give notice by publication that the board will receive bids or proposals at the January meeting (or subsequent meeting if a later date is listed in the publication) for qualifying financial institutions to keep county funds. The qualifications are listed in Section 27-105-315. Counties must select depositories annually or every two years, at the discretion of the board. Municipalities follow the same procedure, under Section 27-105-353. County/municipal hospitals follow the same procedure, except the selection is every three years (Section 27-105-365). Under Section 37-7-333, school boards must follow the same procedure, but give notice after the December meeting and by the May meeting, with the award made no later than the June meeting (no less than every three years).