STATE LAND LAWS 41 



DEPOSITARIES. SECS. 37-38 



SEC. 37. SECURITY FOR DEPOSITS. 



Every state depositary selected by the state board of finance 

 as provided in section 36 for the purposes herein, and for the 

 receipt and deposit of all moneys in the custody, possession and 

 control of the Commissioner of Public Lands, other than the 

 moneys transmitted daily to the state treasurer, shall file with 

 the state treasurer a good and sufficient bond or collateral 

 securities, or bonds of the United States, or bonds or warrants 

 of the State of Washington, or of any county or school district 

 in this state, to be approved by the state board of finance, as a 

 security and pledge for the payment on demand of the Commis- 

 sioner of Public Lands, or his order or his successor, free of ex- 

 change, at any place in this state designated by the commis- 

 sioner, of all such moneys so deposited by him with said de- 

 positary, and the interest thereon at the rate fixed by the state 

 board of finance. Such bond or securities shall be at least equal 

 to the amount of the moneys to be received by said depositary, 

 conditioned as hereinbefore provided, and shall, before any de- 

 posit by the Commissioner of Public Lands, be approved by the 

 state board of finance. Such depositary may be examined from 

 time to time as by existing laws provided in relation to state 

 depositaries. (Laws '11, p. 300, sec. 3; 3 Rem.-Bal., sec. 5070- 



3; 485 sec. 175 Pierce.) 



State depositories: see note to preceding section. 



SEC. 38. INTEREST ON DEPOSITS. 



The state board of finance shall from time to time fix the 

 rate of interest to be paid by said depositary or depositaries 

 upon said moneys deposited with it or them by the Commissioner 

 of Public Lands, as provided in section 35. The rate of in- 

 terest shall be not less than two per cent, per annum on all such 

 deposits made by the Commissioner of Public Lands. (Laws 

 '11, p. 301, sec. 4; 3 Rem.-Bal., sec. 5070-4; 485 sec. 177 

 Pierce.) 

 SEC. 39. INTEREST TO BE PAID QUARTERLY. 



Every state depositary selected as hereinbefore provided for 

 the receipt and deposit of moneys by the Commissioner of Public 



the re( 



