Local Rule 67.1: Deposits

67.1 Deposits.

(a) Receipt of Funds.

(1) No money may be sent to the court or its officers for deposit into the court's registry without a court order by the presiding judge in a pending or adjudicated case.

(2) All money ordered to be paid to the court or received by its officers in any pending or adjudicated case must be deposited with the Treasurer of the United States in the name and to the credit of this court pursuant to 28 U.S.C. § 2041 through depositories designated by the Treasury to accept such deposit on its behalf.

(3) The party making the deposit or transferring the funds to the court's registry must serve the order permitting the deposit or transfer on the clerk.

(b) Investment of Registry Funds.

(1) Funds on deposit with the court will be placed in interest-bearing instruments in the Court Registry Investment System (CRIS) administered by the Administrative Office of the United States Courts, which is the only investment mechanism authorized.

(2) Under CRIS, monies deposited in each case will be "pooled" together in a portfolio with funds on deposit with the Treasury to the credit of other courts in CRIS and used to purchase a mix of Government Account Series securities through the Bureau of Public Debt, which will be held at the Treasury in an account in the name and to the credit of the Director of the Administrative Office of the United States Courts. There is no fixed earnings rate but the rate closely follows that of the 90-day Treasury bill.

(3) An account for each case will be established in CRIS titled in the name of the case giving rise to the investment in the fund. Income generated from fund investments will be distributed to each case based on the ratio each account's principal and earnings has to the aggregate principal and income total in the fund.

(4) The court will direct that post-adjudication deposits held on behalf of minors until their age of majority be invested in the Minors' Fund within CRIS.

(5) Unless otherwise ordered by the court, interpleader funds deposited under 28 U.S.C. § 1335 will be deposited in the CRIS Disputed Ownership Fund.

(c) Assessment of Fees.

Depending on the CRIS fund used, one of two fees is assessed by the AO on behalf of the courts each time interest is credited to the investment.

(1) The CRIS Fee is assessed against deposits in the CRIS Liquidity Fund or any other funds created.

(2) The Disputed Ownership Fund (DOF) Fee is assessed against deposits in the CRIS Disputed Ownership Fund.

(d) Withdrawal of Deposit.

To withdraw money deposited with the court under Federal Rule of Civil Procedure 67 and these rules, a party must file a motion for withdrawal of the funds and simultaneously submit a proposed order and completed IRS Form W-9.