17-720 Certificates of deposit; time deposits; security required. - Nebraska Statutes

17-720. Certificates of deposit; time deposits;security required.The city or village treasurer of citiesof the second class and villages may, upon resolution of the mayor and councilor board of trustees authorizing the same, purchase certificates of depositfrom and make time deposits in any bank, capital stock financial institution,or qualifying mutual financial institution in the State of Nebraska to theextent that such certificates of deposit or time deposits are insured or guaranteed by the FederalDeposit Insurance Corporation. Deposits may be made in excess of the amountsso secured by the corporation, and the amount of the excess deposit shallbe secured by a bond or by security given in the same manner as is providedfor cities of the first class in sections 16-714 to 16-716 as of the timethe deposit is made. Section 77-2366 shall apply to deposits in capital stockfinancial institutions. Section 77-2365.01 shall apply to deposits in qualifyingmutual financial institutions. SourceLaws 1969, c. 84, § 1, p. 424; Laws 1987, LB 440, § 8; Laws 1990, LB 825, § 1; Laws 1993, LB 157, § 3; Laws 1996, LB 1274, § 23; Laws 2001, LB 362, § 25; Laws 2009, LB259, § 11.