§ 9-4-806 — Deposit of state money in approved depositories; bank resolution

Wyoming § 9-4-806

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 4: PUBLIC FUNDS
• Art. 8: DEPOSITS AND DEPOSITORIES

Text

(a) Every bank or credit union designated as a depository
for funds of the state of Wyoming or any political subdivision
thereof shall furnish to the treasurer of the state of Wyoming,
or treasurer of the appropriate political subdivision, a
certified copy of the resolution adopted by its board of
directors which shall be in:
(i) A form acceptable to the state treasurer or
treasurer of the appropriate political subdivision; or
(ii) Substantially the following form:
"WHEREAS, it is necessary for (name of designated depository) to
properly secure the political division or subdivision for all
monies deposited in the bank by the Treasurer of the political
division or subdivision, hereinafter called the Treasurer; and
WHEREAS, no deposit will be made in the bank by the Treasurer
unless the deposit is properly secured, and the giving of proper
security is one of the considerations for receiving the
deposits; and
WHEREAS, the Treasurer may, when furnished proper security,
carry a maximum credit balance with the bank of .... Dollars;
and
WHEREAS, the Treasurer is willing to receive securities
designated by laws of Wyoming as legal collateral security as
security for the deposit;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
depository bank that any two of the following named persons,
officers of the bank, are authorized and empowered to pledge to
the Treasurer of the state or political subdivision securities
of this bank which are legal for collateral security for deposit
of public funds, and which the Treasurer is willing to accept as
collateral security, and in amounts and at the time the
Treasurer and bank officers agree upon:
(Bank Officer's Name) (Title)
" " " "
" " " "
BE IT FURTHER RESOLVED that this authority given to the officers
of the bank named herein to furnish collateral security to the
Treasurer shall be continuing and shall be binding upon the bank
until the authority given to the bank officers named herein is
revoked or superseded by another resolution of this Board of
Directors, verified copy of which shall be delivered by a
representative of the bank to the Treasurer or mailed to the
Treasurer by registered mail. The right given the officers named
herein to pledge security as collateral also includes the right
to give additional collateral security and to withdraw such
collateral as the Treasurer is willing to surrender and the
right to substitute one piece or lot of collateral for another,
provided the Treasurer is willing to make such exchange or
substitution.
BE IT FURTHER RESOLVED that the bank officers named herein are
fully authorized and empowered to execute in the name of the
bank such collateral pledge agreement in favor of the Treasurer
as the Treasurer requires, and any collateral pledge agreement
executed or any act done by the bank officers named herein under
the authority of this Resolution shall be as binding and
effective upon this bank as though authorized by specific
Resolution of the Board of Directors of this Bank.
(b) The certified copy required by subsection (a) of this
section shall be provided at the time of the bank's or credit
union's application or within thirty (30) days following the
designation by the state board of deposits or proper governing
board, as directed by the state treasurer or treasurer of the
appropriate political subdivision.