(1) "Collecting officer" means any person who is either generally or specifically elected, appointed, or employed, in whole or in part, to collect any tax, revenue, or other moneys on behalf of the state or any of its political subdivisions or on behalf of any board, commission, bureau, or department thereof. The term shall not mean any state, municipality, or county tax collector or revenue agent pursuant to Title 48.

(2) "Commissioner" means the commissioner of banking and finance.

(3) "County authority" means the judge of the probate court or the board of county commissioners or other tribunal, body, or officer having jurisdiction over the fiscal affairs of the county.

(4) (A) "Covered depository" means:

(i) Any depository whose total assets exceed $50 billion as of the latest Consolidated Report of Condition and Income filed by the depository with the Federal Deposit Insurance Corporation and has qualified to serve as a depository for state funds pursuant to Code Section 50-17-50; or

(ii) A depository whose total assets are less than $50 billion as of the latest Consolidated Report of Condition and Income filed by the depository with the Federal Deposit Insurance Corporation, has qualified to serve as a depository for state funds pursuant to Code Section 50-17-50, and has elected to participate in the multibank pooled method.

(B) A covered depository in operation as of January 1, 2016, may continue to secure public body deposits using the dedicated method, the single bank method, or both methods until policies and procedures have been approved by the State Depository Board regarding the multibank pooled method, which shall occur no later than July 1, 2017.

(5) "Custodian" means the state treasurer, any Federal Reserve Bank, or any Federal Home Loan Bank approved by the state treasurer, or any bank, savings association, or trust company that:

(A) Is organized and existing under the laws of this state, any other state, or the United States;

(B) Has executed all forms required under this chapter or any rule adopted under this chapter;

(C) Agrees to be subject to the jurisdiction of the courts of this state or of courts of the United States which are located within this state for the purpose of any litigation arising out of this chapter; and

(D) Has been approved by the state treasurer to act as a custodian;

and which holds a pool of collateral for public deposits established by a depository pursuant to Code Section 45-8-13.

(6) "Daily pool balance" means the daily balance of deposits of public funds held by a depository which balance is secured by the single bank pooled method as specified in paragraph (2) of subsection (b) of Code Section 45-8-13, or the multibank pooled method as specified in paragraph (2) of subsection (c) of Code Section 45-8-13. Insured deposits and deposits of public funds for which no collateral is required under subsection (b) or (d) of Code Section 45-8-12 or special deposits and operating funds for which collateral has been duly waived pursuant to subsection (b) of Code Section 45-8-11 or paragraph (3) of Code Section 50-17-53 shall be excluded from the balance of deposits of public funds for purposes of determining the daily pool balance.

(7) "Default" includes, without limitation, the failure or refusal of a depository holding funds of a public body to pay any check or warrant drawn upon sufficient and collected funds by any public body depositor or to return any deposit on demand or at maturity together with interest as agreed; the issuance of an order by any supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository.

(8) "Depository" means any bank designated, named, or appointed from time to time:

(A) By the State Depository Board as qualified to serve as a depository of state funds pursuant to Code Section 50-17-50;

(B) By county authorities or others as depositories for county and other public funds pursuant to Code Section 45-8-14; or

(C) By collecting officers and officers holding public funds as a depository for public funds pursuant to Code Section 45-8-11.

(9) "Officer to hold public funds" means not only the state treasurer, municipality or county treasurers, the State School Superintendent, municipality or county school superintendents, and treasurers of school districts, but also every other person, by whatever name or title called, who shall be either generally or specially elected, appointed, or employed with the duty, in whole or in part, to receive, hold, or disburse any public money or revenue on behalf of the state or any of its political subdivisions or on behalf of any board, commission, bureau, or department.

(10) "Proper authority" means the officer, board, commission, or other tribunal or body having the jurisdiction to act in the particular matter.

(11) "Public body" means not only the state, municipalities, counties, school districts, drainage districts, and other districts created for special purposes, but also every other political subdivision of the state and every board, bureau, commission, and department of the state or any subdivision thereof, as the context may require.

(12) "State authority" means the officer or officers or board, bureau, commission, or other person or persons who, in their official capacity, shall have, according to the laws of this state, the duty or jurisdiction to act on behalf of the state in the particular matter.