State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter16 > 16-716

16-716. City funds; depositories; maximumdeposits; liability of treasurer.The treasurer shall nothave on deposit in any bank, capital stock financial institution, or qualifyingmutual financial institution at any time more than the amount insured or guaranteed by the FederalDeposit Insurance Corporation plus the maximum amount of the bond given bythe bank, capital stock financial institution, or qualifying mutual financialinstitution if the bank, capital stock financial institution, or qualifyingmutual financial institution gives a surety bond, nor in any bank, capitalstock financial institution, or qualifying mutual financial institution givinga personal bond, more than the amount insured or guaranteed by the Federal Deposit InsuranceCorporation plus one-half of the amount of the bond of such bank, capitalstock financial institution, or qualifying mutual financial institution, andthe amount so on deposit any time with any such bank, capital stock financialinstitution, or qualifying mutual financial institution shall not in eithercase exceed the amount insured orguaranteed by the Federal Deposit Insurance Corporation plus thepaid-up capital stock and surplus of such bank, capital stock financial institution,or qualifying mutual financial institution.The city treasurer shall not be liable for any loss sustained by reasonof the failure of any such bonded depository whose bond has been duly approvedby the mayor as provided in section 16-714 or which has, in lieu of a suretybond, given security as provided in section 16-715. SourceLaws 1901, c. 18, § 86, p. 294; R.S.1913, § 4982; C.S.1922, § 4151; C.S.1929, § 16-713; Laws 1931, c. 28, § 1, p. 116; Laws 1937, c. 22, § 1, p. 135; C.S.Supp.,1941, § 16-713; R.S.1943, § 16-716; Laws 1981, LB 491, § 1; Laws 1993, LB 157, § 2; Laws 1996, LB 1274, § 21; Laws 2001, LB 362, § 23; Laws 2002, LB 860, § 1; Laws 2009, LB259, § 9.