What is the definition of a public depositary?

A public depositary is defined as a financial institution that has been approved to hold public deposits, typically including funds from governmental entities or public agencies. This designation is crucial because it ensures that the funds entrusted to these institutions are managed in accordance with laws and regulations designed to protect public money.

The significance of this definition lies in the responsibilities of the public depositary, which include maintaining the safety and liquidity of public funds. These institutions are often subject to stringent regulations to ensure transparency and accountability. They provide a secure environment for storing public money, which can come from various sources like taxes or fees, ensuring that the funds are available when needed for public services.

Understanding this definition is vital for those studying funeral laws, as it relates to how financial transactions involving public funds for funeral services and related matters are managed. Knowledge of public depositaries is essential for navigating the financial aspects of funeral regulations and compliance within Washington State.