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

16-715. City funds; depository; security inlieu of bond; authorized.In lieu of the bond required bysection 16-714, any bank, capital stock financial institution, or qualifyingmutual financial institution making application to become a depository maygive security as provided in the Public Funds Deposit Security Act to thecity clerk. The penal sum of such bond shall be equal to or greater than theamount of the deposit in excess of that portion of such deposit insured or guaranteed by the FederalDeposit Insurance Corporation. Section 77-2366 shall apply to deposits incapital stock financial institutions. Section 77-2365.01 shall apply to depositsin qualifying mutual financial institutions. SourceLaws 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 ReferencesPublic Funds Deposit Security Act, see section 77-2386. AnnotationsThis 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).