(a) Public Depositories Designated. The Village Board shall designate by resolution the public depository or depositories within this State in which Village of Edgar public funds shall be deposited, and when monies are deposited in such depositories in the name of the Village, Village officials and bondsmen shall not be liable for such losses as are defined by State law. The interest arising therefrom shall be paid into the Village treasury.
(b) Security and Collateralization of Depository Funds.
(1) A maximum of Five Hundred Thousand Dollars ($500,000.00) in Village funds may be deposited at any one time in any authorized depository, except as otherwise provided herein.
(2) Pursuant to state law, designated public depositories may be required to pledge U.S. Treasury Notes or provide a surety bond or other security, including an irrevocable letter of credit issued by a federal home loan bank, state bank, national bank, federal or state savings bank, federal or state credit union, or federal or state savings and loan association, for any public deposits that exceed the amount of deposit insurance provided by an agency of the United States and the coverage provided under Sec. 34.08(2), Wis. Stats. When U.S. Treasury notes are pledged, such notes shall be equal in amount to any uninsured balance of the Village's deposit.
State Law Reference:
Sections 34.07 and 62.12(7), Wis. Stats.