§ 72-1268.01 — Funds deposited; bond; requirements

Nebraska § 72-1268.01

• Jurisdiction: Nebraska
• Ch. 72: Public Lands, Buildings, and Funds

Text

For the security of funds deposited under the Nebraska Capital Expansion Act, the state investment officer shall require all such depositories to give bond for the safekeeping of payments of such deposits. The officers of the bank, capital stock financial institution, or qualifying mutual financial institution seeking to qualify as a depository shall be ineligible to sign the bond provided for under this section. The bond shall run to the people of the State of Nebraska and shall be approved by the Governor, Secretary of State, and Attorney General. No bond shall be valid unless approved by all three of such officers. The bond shall be conditioned (1) that the depository at the end of each and every month render to the state investment officer a statement in duplicate showing the daily balance and the amount of money of the state held by it during the month, (2) for the payment of the deposit when demanded by the state investment officer on his or her check at any time, and (3) generally to do and perform whatever may be required by the Nebraska Capital Expansion Act and a faithful discharge of the trust reposed in such depository.

Legislative History

Source: Laws 1985, LB 614, § 6; Laws 2003, LB 175, § 9.