This text of Nebraska § 77-2365.02 (Funds of state or political subdivisions;
investment or deposit in interest-bearing deposits;
conditions) 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.
Notwithstanding any other provision of law, to
the extent that the funds of this state or any political subdivision of this
state may be invested or deposited,
by the appropriate custodian of such funds, in interest-bearing deposits with banks, capital
stock financial institutions, or qualifying mutual financial institutions,
such authorization may include the investment or deposit of funds in interest-bearing deposits
in accordance with the following conditions as
an alternative to the furnishing of securities or the providing of a deposit
guaranty bond pursuant to the Public Funds Deposit Security Act:
(1)The bank, capital stock financial institution, or qualifying mutual
financial institution in this state through which the investment or deposit of funds is initially
made arranges for
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Notwithstanding any other provision of law, to
the extent that the funds of this state or any political subdivision of this
state may be invested or deposited,
by the appropriate custodian of such funds, in interest-bearing deposits with banks, capital
stock financial institutions, or qualifying mutual financial institutions,
such authorization may include the investment or deposit of funds in interest-bearing deposits
in accordance with the following conditions as
an alternative to the furnishing of securities or the providing of a deposit
guaranty bond pursuant to the Public Funds Deposit Security Act:
(1) The bank, capital stock financial institution, or qualifying mutual
financial institution in this state through which the investment or deposit of funds is initially
made arranges for the deposit of a portion or all of such funds in interest-bearing deposits
with other banks, capital stock financial institutions, or qualifying mutual
financial institutions located in the United States;
(2) Each such interest-bearing deposit
is fully insured or guaranteed by the Federal Deposit Insurance Corporation;
(3) The bank, capital stock financial institution, or qualifying mutual
financial institution through which the investment or deposit of funds was initially made acts
as a custodian for the state or political subdivision with respect to any
such interest-bearing deposit
issued for the account of the state or political subdivision; and
(4) At the same time that the funds are deposited into other banks, capital stock financial institutions, or qualifying
mutual financial institutions, the bank, capital stock financial institution,
or qualifying mutual financial institution through which the investment or deposit of funds in interest-bearing deposits
was initially made receives an amount of deposits from customers of other
banks, capital stock financial institutions, or qualifying mutual financial
institutions located in the United States which is equal to or greater than
the amount of the investment or
deposit of funds in interest-bearing deposits
initially made by the state or political subdivision.