As used in the Security for Local Public Deposits Act:
1. “Financial institution” means any bank, savings bank, savings and loan association or credit union; and
2. “Public entity” means any county, city, town or board of education of a public school district or vocational-technical school district or other governmental or public entity of a local nature which is required or permitted by law to collateralize its deposits.
Added by Laws 2000, c. 136, § 9, eff. July 1, 2000.