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

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 or guaranteed 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 or guaranteed 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 or guaranteed 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. SourceLaws 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; Laws 2009, LB259, § 14.Effective Date: March 6, 2009AnnotationsSection 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).