35-321

35-321. Definitions

In this article, unless the context otherwise requires:

1. "Agency pool participant" means a subdivision or an entity of a subdivision that
has monies maintained by the treasurer and that has the authority to draw negotiable
instruments on the treasurer or make other disbursements from monies that the treasurer
holds for the subdivision or entity.

2. "Board of deposit" means, in the case of a county, the board of supervisors, and
in the case of a city or town, the board of trustees or common council.

3. "Capital structure" means the amount of the capital of the eligible depository
shown by the latest call statement of condition as defined by rule of the superintendent
of financial institutions for the purpose of administration of this article.

4. "Collecting entity" means the entity from which the treasurer receives general
funding including the county for collections performed by a county treasurer, the city
for collections performed by a city treasurer or the district for collections performed
by a district treasurer.

5. "Eligible depository" means any:

(a) Commercial or savings bank or savings and loan association having either a
branch in this state or its principal place of business in this state and insured by the
federal deposit insurance corporation or its successor or any other insuring
instrumentality of the United States according to the applicable federal law.

(b) Credit union that is insured by the national credit union administration or its
successor.

6. "Involuntary pool participant" means a subdivision that only receives the
principal ratio of the monies collected, for which the principal monies are mandated to
be distributed on a specific date and for which the interest earned on the monies between
the time of collection and other statutory requirements reverts to the general fund of
the collecting entity.

7. "Permissible rate of interest" means a rate of interest which an eligible
financial institution is permitted to pay by state or federal law or valid state rules or
federal regulations.

8. "Public deposit" means public monies deposited in an eligible depository
pursuant to this article.

9. "Public monies" includes subdivision monies.

10. "State monies" means all monies in the treasury of this state or coming lawfully
into the possession or custody of the state treasurer.

11. "Subdivision" means any county, noncharter city or town. Cities governed by
charter have the option of operating under this article.

12. "Subdivision monies" means all monies in the treasury of a subdivision or coming
lawfully into the possession or custody of the treasurer.

13. "Treasurer" includes the treasurer or officer exercising the functions of
treasurer of any subdivision but excludes the state treasurer.

14. "Trust funds" means those monies entrusted to a public body or official for
preservation and investment, as prescribed by the instrument establishing such funds.