(A) The Treasurer for the city shall deposit, and at all times keep on deposit for safekeeping, in banks or institutions of approved and responsible standing, all money collected, received or held by him or her as Treasurer. Such deposits shall be subject to all regulations imposed by law or adopted by the city for the receiving and holding thereof. A bond or pledged securities shall be required from all banks or financial institutions in which municipal funds are deposited in any amount exceeding that amount insured by the Federal Deposit Insurance Corporation.
(B) The insurance afforded to depositors in banks, capital stock financial institutions or qualifying mutual financial institutions through the Federal Deposit Insurance Corporation shall be deemed and construed to be a surety bond or bonds to the extent that the deposits are insured or guaranteed by that corporation, and for deposits so insured or guaranteed, no other surety bond or bonds or other security shall be required.
(Neb. RS 77-2362)
(C) Neb. RS 77-2366 shall apply to deposits in capital stock financial institutions. Neb. RS 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.
(Neb. RS 17-607 and 77-2362)
(Ord. 309, passed 3-25-2004)
Statutory reference:
Other provisions on deposits of public funds, see Neb. RS 77-2363 and 77-2364
Public Funds Deposit Security Act, see Neb. RS 77-2386
Related provisions, see Neb. RS 17-607