CHAPTER 12. PUBLIC MONEYS AND SECURITIES.

§12-1-5. Limitation on amount of deposits.

The amount of state funds on deposit in any depository in excess of the amount insured by an agency of the federal government shall be secured by a deposit guaranty bond issued by a valid bankers surety company or by other securities acceptable to the treasurer in an amount of at least one hundred two percent of the amount on deposit. The value of the collateral shall be determined by the treasurer.

Bills Affecting §12-1-5

2015 Regular Session: HB2879
2008 Regular Session: HB4692