§12-1-5. — Limitation on amount of deposits.
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§12-1-5. Limitation on amount of deposits.
The amount of state funds on deposit in any depository in excess of the amount insured by an agency of the federal government shall not exceed ninety percent of the value of collateral pledged on the collaterally secured bond given by the depository. The value of the collateral shall be determined by the treasurer.
The amount of state funds on deposit in any depository in excess of the amount insured by an agency of the federal government shall not exceed ninety percent of the value of collateral pledged on the collaterally secured bond given by the depository. The value of the collateral shall be determined by the treasurer.