City funds; depository; security in lieu of bond; authorized.

  1. Law
  2. Nebraska Revised Statutes
  3. Cities of the First Class
  4. City funds; depository; security in lieu of bond; authorized.

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16-715. City funds; depository; security in lieu of bond; authorized.

In lieu of the bond required by section 16-714, any bank, capital stock financial institution, or qualifying mutual financial institution making application to become a depository may give security as provided in the Public Funds Deposit Security Act to the city clerk. The penal sum of such bond shall be equal to or greater than the amount of the deposit in excess of that portion of such deposit insured or guaranteed by the Federal Deposit Insurance Corporation. Section 77-2366 shall apply to deposits in capital stock financial institutions. Section 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.

Source

  • Laws 1931, c. 28, § 1, p. 116;
  • Laws 1937, c. 22, § 1, p. 135;
  • C.S.Supp.,1941, § 16-713;
  • R.S.1943, § 16-715;
  • Laws 1959, c. 263, § 5, p. 926;
  • Laws 1969, c. 84, § 6, p. 426;
  • Laws 1972, LB 1152, § 1;
  • Laws 1977, LB 266, § 1;
  • Laws 1987, LB 440, § 7;
  • Laws 1989, LB 33, § 21;
  • Laws 1989, LB 377, § 10;
  • Laws 1992, LB 757, § 18;
  • Laws 1996, LB 1274, § 20;
  • Laws 2001, LB 362, § 22;
  • Laws 2009, LB259, § 8.

Cross References

  • Public Funds Deposit Security Act, see section 77-2386.

Annotations

  • This section permits banks to pledge certain securities to secure deposits of a city of the first class. Luikart v. City of Aurora, 125 Neb. 263, 249 N.W. 590 (1933).


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