The Treasurer shall not have on deposit in any bank at any time more than the maximum amount of the bond given by the bank if the bank gives a surety bond, or, in any bank giving a personal bond, more than ½ of the amount of the bond of the bank; and the amount so on deposit at any time with any bank shall not in either case exceed the paid-up capital stock and surplus of the bank, or more than 90% of the par value of the securities furnished by the bank in cases where the bank deposits approved securities in lieu of a bond. The City Treasurer shall not be liable for any loss sustained by reason of the failure of any such bonded depository whose bond shall have been duly approved by the Mayor as provided in this subchapter, or which has, in lieu of a surety bond, deposited approved securities as provided in this subchapter.
(Prior Code, § 2-317)
Statutory reference:
Similar provisions, see Neb. RS 16-716