Local Rule 67.01: Deposit of Registry Funds in Interest-Bearing Accounts

67.01: Deposit of Registry Funds in Interest-Bearing Accounts (Fed. R. Civ. P. 67).

(A) Receipt of Funds.

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

(2) All money ordered to be paid into the court or received by its officers in any case pending or adjudicated shall 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 depositaries designated by the United States Treasury to accept such deposit on its behalf.

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

(B) Investment of Registry Funds.

(1) Funds on deposit with the court are to be placed in interest-bearing instruments in the Court Registry Investment System (CRIS) administered through the Administrative Office of the United States Courts (AOUSC). This shall be the only investment mechanism authorized.

(2) Under CRIS, monies deposited in each case under Local Civ. Rule 67.01(A) (D.S.C.) will be "pooled" together with those on deposit with the Treasury to the credit of other courts in CRIS and used to purchase Government Accounting Series (GAS) securities under the authority of the Director of the AOUSC.

(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 system. Income received from fund investments will be distributed to each case based on the ratio each account's principal and income has to the aggregate principal and income total in the fund each day. Funds deposited in an interpleader case under 28 U.S.C. § 1335 will be invested in the CRIS Disputed Ownership Fund (DOF).

(C) Registry Investment Fee.

(1) The custodian is authorized and directed by this rule to deduct, for maintaining accounts in the fund, the DOF fee. The proper DOF fee is to be determined on the basis of the rates published by the Director of the AOUSC as approved by the Judicial Conference.

(2) If registry fees were assessed against the case prior to the deposit into CRIS, no additional registry fee will be assessed.

(3) The Director of the AOUSC, as custodian for CRIS, is authorized and directed to:

(i) deduct the CRIS fee for management of the Liquidity Fund (or other Alternative Fund);

(ii) deduct the DOF fee for management and tax administration of the CRIS DOF; and

(iii) provide tax administration services for the CRIS DOF, including the withholding and payment of federal taxes on behalf of the CRIS DOF.