(A) 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 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.
(B) The City Council shall require from all banks, capital stock financial institutions or qualifying mutual financial institutions a bond in such 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, being Neb. RS 77-2386 et seq. to secure the payment of all such 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 such depository so designated and approved.
(C) 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 shall be required.
(D) 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.
(Ord. 588, passed 8-11-1998; Ord. 697, passed 5-6-2003; Ord. 715, passed 3-2-2004)
Statutory reference:
Similar provisions, see Neb. RS 17-607 and 77-2362