The Village Board shall designate the public depository or depositories within the state within which village funds shall be deposited, and when the money is deposited in such depository in the name of the village, village officials and bondsman shall not be liable for such losses as are defined by state law. The interest arising therefrom shall be paid into the village treasury. Pursuant to state law, designated public depositories shall be required to pledge U.S. Treasury notes equal in amount to any uninsured balance of the village’s deposit.
(Prior Code, § 3-1-7)
Statutory reference:
Similar provisions, see Wis. Stats. § 62.12(7)