§ 35.33 DEPOSIT, INVESTMENT OF FUNDS.
   (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 such bank, capital stock financial institution or qualifying mutual financial institution is also serving as Mayor, as a member of the City Council, as a member of the Board of Public Works, or as any other officer of the city shall not disqualify such bank, capital stock financial institution or qualifying mutual financial institution from acting as a depository for such municipal funds.
      (2)   (a)   The City Council shall require from all banks, capital stock financial institutions or qualifying mutual financial institutions:
            1.   A bond in such penal sum as may be the maximum amount on deposit at any time less the amount insured or guaranteed by the Federal Deposit Insurance Corporation or, in lieu thereof; and
            2.   Security given as provided in the Public Funds Deposit Security Act to secure the payment of all such deposits and accretions.
         (b)   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 such 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 or guaranteed by such corporation and for deposits so insured or guaranteed, no other surety bond or other security shall 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.
(1976 Code, § 1-817)
   (B)   Whenever the city has accumulated a surplus of any fund in excess of its current needs or has accumulated a sinking fund for the payment of its bonds and the money in such sinking fund exceeds the amount necessary to pay the principal and interest of any such bonds which become due during the current year, the governing body of the city may invest any such surplus in certificates of deposit, in time deposits and in any securities in which the state investment officer is authorized by law and as provided in the authorized investment guidelines of the state’s Investment Council in effect on the date the investment is made.
(1976 Code, § 1-818)
(Ord. 988, passed 12-18-1989; Ord. 1349, passed 11-8-2004)
Statutory reference:
   Related provisions, see Neb. RS 17-607, 77-2362, 17-608, 17-609, 21-1316.01, 77-2341