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COUNTY, CITY AND TOWNSHIP GET FUNDS TOTAL OF $96,360.27 TO COME TO LOCAL UNITS FROM STATE SINKING FUND FOR BANK DEPOSITS On December 15. Gibson county, the civil city of Princeton, the Princeton library board. school city of Princeton and Patoka township are slated to receive $96,360.27 from the state auditor for deposits in The Peoples American National bank. from the state sinking fund. George A. Bittler, receiver of the bank. yesterday received the following notice: It is the decision of the attorney general and the auditor of the state that there_was on deposit with The Peoples American National bank. Princeton. Ind., which bank suspended payment on February 25, 1933, the following puglic funds classed as new money Civil City of Princeton, $23,665.23. Princeton library board. $2,523.78. School city of Princeton, $16,202.75. Patoka township, $13,188.26. Ten days after the publication of the above figures, if there is no objection, the auditor of state will issue his warrant for the above amount. This money comes from a state sinking fund provided by an act passed by the special session of the Indiana general assembly in 1932. The action does not disturb the deposits of the various units in the bank but makes the state of Indiana the creditor instead of the local uints. The sinking fund is collected and maintained by the diversion of interest payments on public funds, and is available for the purpose of covering all public deposits rendered unavailable by the failure of depositories or those that have gone into voluntary liquidation or for any other reason have suspended payment of deposits. The law was effective December 1, 1932. It is contained in chapter 32 of the 1932 acts of the special session of the seventy-seventh general assembly.
