§ 9-4-817 — Deposits by political subdivisions; selected institutions; security; withdrawals

Wyoming § 9-4-817

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

Text

(a) To the extent they are not otherwise invested, the
monies collected and held by a treasurer of a political
subdivision, municipality or special district within this state
shall be deposited in banks or credit unions which qualify as
depositories for public monies as specified in W.S. 9-4-803(a).
(b) In depositing the monies in the financial institutions
authorized by subsection (a) of this section, the treasurer
shall select the institution:
(i) Repealed By Laws 1996, ch. 112, § 3.
(ii) Designated as a depository by the proper
governing board.
(c) The deposits made pursuant to this section shall be
made to the extent that they are:
(i) Fully insured by the Federal Deposit Insurance
Corporation or the national credit union share insurance fund,
whichever is applicable; or
(ii) Secured, in accordance with this article, by a
pledge of collateral or the furnishing of a surety bond.
(d) Any bank, savings and loan association, federal
savings bank or credit union, located in the state, may apply to
keep the monies upon the following conditions:
(i) All deposits are subject to payment when demanded
by the proper treasurer on his check, order or demand, except
that all funds deposited on time deposit, open account shall be
withdrawable, under W.S. 9-4-809;
(ii) All funds deposited in a savings deposit account
shall be withdrawable upon demand provided that the bank,
savings and loan association or credit union may at any time
require giving of notice in writing of an intended withdrawal of
thirty (30) days before a withdrawal is made;
(iii) Interest shall be paid upon the amount
deposited which constitutes a time deposit, open account;
(iv) All deposits are also subject to regulations
imposed by law.