Nebraska § 16-715 City funds; depository; security in
lieu of bond; authorized

Nebraska Statutes

§ 16-715 — City funds; depository; security in lieu of bond; authorized

Nebraska § 16-715

Ch. 16Cities of the First Class

This text of Nebraska § 16-715 (City funds; depository; security in lieu of bond; authorized) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 16-715 (2026).

Text

In lieu of the bond required by
section  16-714 , any bank, capital stock financial institution, or qualifying
mutual financial institution making application to become a depository may
give security as provided in the Public Funds Deposit Security Act to the
city clerk. The penal sum of such bond shall be equal to or greater than the
amount of the deposit in excess of that portion of such deposit insured or guaranteed by the Federal
Deposit Insurance Corporation. Section  77-2366  shall apply to deposits in
capital stock financial institutions. Section  77-2365.01  shall apply to deposits
in qualifying mutual financial institutions.

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In lieu of the bond required by
section 16-714 , any bank, capital stock financial institution, or qualifying
mutual financial institution making application to become a depository may
give security as provided in the Public Funds Deposit Security Act to the
city clerk. The penal sum of such bond shall be equal to or greater than the
amount of the deposit in excess of that portion of such deposit insured or guaranteed by the Federal
Deposit Insurance Corporation. Section 77-2366 shall apply to deposits in
capital stock financial institutions. Section 77-2365.01 shall apply to deposits
in qualifying mutual financial institutions.

Legislative History

Source: Laws 1931, c. 28, § 1, p. 116; Laws 1937, c. 22, § 1, p. 135; C.S.Supp.,1941, § 16-713; R.S.1943, § 16-715; Laws 1959, c. 263, § 5, p. 926; Laws 1969, c. 84, § 6, p. 426; Laws 1972, LB 1152, § 1; Laws 1977, LB 266, § 1; Laws 1987, LB 440, § 7; Laws 1989, LB 33, § 21; Laws 1989, LB 377, § 10; Laws 1992, LB 757, § 18; Laws 1996, LB 1274, § 20; Laws 2001, LB 362, § 22; Laws 2009, LB259, § 8. Cross References: Public Funds Deposit Security Act, see section 77-2386. Annotations: This section permits banks to pledge certain securities to secure deposits of a city of the first class. Luikart v. City of Aurora, 125 Neb. 263, 249 N.W. 590 (1933).