16-713 City funds; certificates of deposit; time deposits; security required. - Nebraska Statutes

16-713. City funds; certificates of deposit;time deposits; security required.The city treasurer may,upon resolution of the mayor and council authorizing the same, purchase certificatesof deposit from and make time deposits in banks, capital stock financial institutions,or qualifying mutual financial institutions selected as depositories of cityfunds under the provisions of sections 16-712, 16-714, and 16-715. The certificatesof deposit purchased and time deposits made shall bear interest and shallbe secured as set forth in sections 16-714 and 16-715, except that the penalsum of such bond or the sum of such security shall be reduced in the amountof the time deposit or certificate of deposit insured or guaranteed by the Federal Deposit InsuranceCorporation. Section 77-2366 shall apply to deposits in capital stock financialinstitutions. Section 77-2365.01 shall apply to deposits in qualifying mutualfinancial institutions. SourceLaws 1901, c. 18, § 85, p. 293; R.S.1913, § 4981; C.S.1922, § 4150; C.S.1929, § 16-712; R.S.1943, § 16-713; Laws 1959, c. 48, § 2, p. 235; Laws 1969, c. 84, § 4, p. 425; Laws 1989, LB 33, § 19; Laws 1992, LB 757, § 17; Laws 1996, LB 1274, § 19; Laws 2001, LB 362, § 20; Laws 2009, LB259, § 7.