(A) For the security of the fund so deposited, the City Treasurer shall require each depository bank to give bond for the safekeeping and payment of the deposits and the accretions thereof, which bond shall run to the city and be approved by the Mayor. The bond shall be conditioned that a depository shall, at the end of every quarter, render to the Treasurer a statement in duplicate, showing the several daily balances, the amount of money of the city held by it during the quarter, the amount of the accretion thereto, and how credited. The bond shall also be conditioned that the depository shall generally do and perform whatever may be required by the provisions herein and faithfully discharge the trust reposed in the depository. The bond shall be as nearly as practicable in the form provided by the laws of the state; provided, no person in any way connected with any depository bank, as officer or stockholder, shall be accepted as a surety on any bond given by the bank of which he or she is an officer or stockholder. The bond shall be deposited with the City Clerk.
(Prior Code, § 1-913)
(B) In lieu of the bond required herein, any bank, capital stock financial institution, or qualifying mutual financial institution making application to become a depository may give as security as provided in the Public Funds Deposit Security Act to the City Clerk, provided, that the penal sum of the bond or the sum of the pledge of assets shall be of the value equal to or greater than the amount of the deposit in excess of that portion of the deposit insured by the Federal Deposit Insurance Corporation.
(Prior Code, § 1-914)
Statutory reference:
Similar state law provisions, see Neb. RS 16-714, 16-715