(A) (1) The City Treasurer shall deposit and at all times keep on deposit, for safekeeping, in banks, capital stock financial institutions or qualifying mutual financial institutions of approved and responsible standing, all money collected, received or held by him or her as City Treasurer. Such deposits shall be subject to all regulations imposed by law or adopted by the City Council for the receiving and holding thereof. The fact that a stockholder, director or other officer of the bank, capital stock financial institution or qualifying mutual financial institution is also serving as Mayor, as a member of the City Council or as any other officer of the city shall not disqualify the bank, capital stock financial institution or qualifying mutual financial institution from acting as a depository for the city funds.
(2) The City Council shall require from all banks, capital stock financial institutions or qualifying mutual financial institutions a bond in a penal sum as may be the maximum amount on deposit at any time less the amount insured by the Federal Deposit Insurance Corporation; or, in lieu thereof, security given as provided in the Public Funds Deposit Security Act to secure the payment of all deposits and accretions. The City Council shall approve such bond or giving of security. The City Treasurer shall not be liable for any loss of any money sustained by reason of the failure of any depository so designated and approved.
(3) The insurance afforded to depositors in banks, capital stock financial institutions or qualifying mutual financial institutions through the Federal Deposit Insurance Corporation shall be deemed and construed to be a surety bond to the extent that the deposits are insured by such corporation and for deposits so insured, no other surety bond or other security shad be required.
(4) Neb. RS 77-2366 shall apply to deposits in capital stock financial institutions. Neb. RS 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.
(Prior Code, § 1-817)
(B) (1) The City Treasurer may, upon resolution of the Mayor and City Council authorizing the same, purchase certificates of deposit from and make time deposits in any bank, capital stock financial institution or qualifying mutual financial institution in the state to the extent that the certificates of deposit or time deposits are insured by the Federal Deposit Insurance Corporation.
(2) Deposits may be made in excess of the amounts so secured by the corporation and the amount of the excess deposit shall be secured by a bond or by security given in the same manner as is provided for cities of the first class in Neb. RS 16-714 to 16-716.
(3) Neb. RS 77-2366 shall apply to deposits in capital stock financial institutions.
(4) Neb. RS 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.
(Prior Code, § 1-817.01)
(Ord. 7-02, passed 7-8-2002; Ord. 1-04, passed 4-12-2004)
Statutory reference;
Related provisions, see Neb. RS 17-607, 17-720, 77-2362