(A) The Treasurer shall not have on deposit in any bank, capital stock financial institution, or qualifying mutual financial institution at any time more than:
(1) The amount insured or guaranteed by the Federal Deposit Insurance Corporation plus the maximum amount of the bond given by the bank, capital stock financial institution, or qualifying mutual financial institution if the bank, capital stock financial institution, or qualifying mutual financial institution gives a surety bond, nor in any bank, capital stock financial institution, or qualifying mutual financial institution giving a personal bond; or
(2) More than the amount insured or guaranteed by the Federal Deposit Insurance Corporation plus one-half of the amount of the bond of such bank, capital stock financial institution, or qualifying mutual financial institution, and the amount so on deposit any time with any such bank, capital stock financial institution, or qualifying mutual financial institution shall not in either case exceed the amount insured or guaranteed by the Federal Deposit Insurance Corporation plus the paid-up capital stock and surplus of such bank, capital stock financial institution, or qualifying mutual financial institution.
(B) The City Treasurer shall not be liable for any loss sustained by reason of the failure of any bonded depository whose bond shall have been duly approved by the Mayor as herein provided, or which has, in lieu of a surety bond, deposited approved securities as herein provided.
(Prior Code, § 1-915)
Statutory reference:
Similar state law provisions, see Neb. RS 16-716