2006 Nebraska Revised Statutes - § 77-2305 — State funds; depositories; limitations on amount deposited in any one bank.

Section 77-2305
State funds; depositories; limitations on amount deposited in any one bank.

The State Treasurer shall not have on deposit in any bank giving a guaranty bond more than the amount insured by the Federal Deposit Insurance Corporation plus the maximum amount of the bond given by the bank, nor any bank giving a personal bond more than the amount insured by the Federal Deposit Insurance Corporation, plus one-half of the amount of the bond of the bank. The amount deposited in any bank shall not exceed the amount insured by the Federal Deposit Insurance Corporation plus twice its capital stock and surplus, but no bonds or giving of security shall be required for funds over which the state investment officer has investment jurisdiction except those funds which are eligible for long-term investment. All bonds of such depositories shall be deposited with and held by the State Treasurer.

Source:

Laws 1891, c. 50, § 3, p. 348

Laws 1897, c. 23, § 2, p. 188

Laws 1899, c. 74, § 1, p. 321

Laws 1905, c. 151, § 1, p. 595

Laws 1907, c. 142, § 1, p. 450

Laws 1909, c. 139, § 1, p. 493

R.S.1913, § 6657

C.S.1922, § 6188

Laws 1927, c. 34, § 1, p. 153

C.S.1929, § 77-2503

Laws 1931, c. 135, § 1, p. 376

Laws 1933, c. 147, § 1, p. 564

Laws 1935, c. 152, § 2, p. 560

C.S.Supp.,1941, § 77-2503

R.S.1943, § 77-2305

Laws 1957, c. 340, § 1, p. 1178

Laws 1978, LB 599, § 1

Laws 1996, LB 1274, § 26

Annotations:

Section is not applicable to cities of second class. Luikart v. City of Aurora, 125 Neb. 263, 249 N.W. 590 (1933).

Banks designated as depositories may pledge assets of bank to secure state and county funds when deposited therein. Bliss v. Pathfinder Irr. Dist., 122 Neb. 203, 240 N.W. 291 (1932).

Deposit of amount exceeding one-half amount of bond is no release. In re State Treasurer's Settlement, 51 Neb. 116, 70 N.W. 532 (1897).

~Reissue Revised Statutes of Nebraska