The City Treasurer may and is hereby authorized to purchase certificates of deposit from and make time deposits in banks, capital stock financial institutions, or qualifying mutual financial institutions selected as depositories of city funds under provisions herein. The certificates of deposit purchased and time deposits shall bear interest, and shall be secured as set forth herein; provided, that the penal sum of the bond or the sum of the pledge of assets shall be reduced in the amount of the time deposit or certificate of deposit insured by the Federal Deposit Insurance Corporation.
(Prior Code, § 1-912)
Statutory reference:
Similar state law provisions, see Neb. RS 16-713