15-1668. Deposits of universities monies to be
secured; exception
A. Monies deposited by the universities shall be secured by regularly issued and
interest-bearing bonds of the United States government or state, county, municipal or
school district improvement bonds of this state of a market value equal at all times to
the amount of the deposits, and all public depositories are directed to give such
security.
B. The public depository may, in lieu of depositing bonds described in this
section, deposit the safekeeping receipt of a federal reserve bank or any bank located in
a central reserve city whose combined capital and surplus on the date of the safekeeping
receipt is ten million dollars or more, evidencing the deposit therein of such
securities. The safekeeping receipt shall be endorsed or assigned to the comptroller of
the respective institution making the deposit.
C. The condition of the deposit of securities, or a safekeeping receipt in lieu
thereof, shall be that the public depository will upon lawful demand therefor promptly
pay the monies in its custody to the institution making the deposit.
D. Notwithstanding the requirements of this section, any public depository under
the provisions of title 35, chapter 2 may accept deposits of public monies to the total
authorized insurance on accounts insured by the federal deposit insurance corporation or
the federal savings and loan insurance corporation without depositing a surety bond or
securities in lieu of such security bond.
|