Page images

[Senate File No. 92.]


AN ACT to provide for the depositing of state and county funds in


Be it enacted by the Legislature of the State of


SECTION 1. The state treasurer shall deposit, Deposit of state and at all times keep in deposit for safe keeping, in the state or national banks, or some of them doing business in the state, and of approved standing and responsibility, the amounts of money in his hands belonging to the several current funds in the state treasury, and any such bank may apply for the privilege of keeping on deposit such funds or some part thereof; all such deposits shall be subject to payment when demanded by the state treasurer on his check and by all banks receiving and holding such deposits as aforesaid, shall be required to pay, and shall pay to the state for the Interest, privilege of holding any such deposit not less than 3 per cent per annum upon the amounts so deposited, as hereinafter provided, and subject also to such regulations as are imposed by law and the rule adopted by the state treasurer for receiving and holding such deposits.

computed and

SEC. 2. The amount to be paid by any and all Interest, how banks under the provisions of this act for the paid, privilege of keeping public funds on deposit shall be computed on the average daily balances of the public moneys kept on deposit therewith, and shall be paid and credited to the state quarterly on the

Accounts of funds.

Bonds of repositories.

first days of January, April, July, and October of each and every year, and the treasurer shall require every such depository to keep separate accounts of such several funds of the state as may be deposited, showing the name of each fund to which the same belongs and the amounts and sums paid to the state for the privilege of keeping the same on deposit as aforesaid, and to each of said funds respectively shall be credited directly to the account of the fund or funds so held on deposit, in proportion to the amount of such funds so held.

SEC. 3. For the security of the funds so deposited under the provision of this act the state treasurer shall require all such depositories to give bonds for safe keeping and payments of such deposits and the accretions thereof, which bond shall run to the people of the state of Nebraska, approved by the governor, secretary of the state and attorney general, and conditioned on that depository shall at the end of each and every month render to the treasurer a statement, in duplicate, showing the several daily balances and the amount of money of the state held by it during the month, and the amount of the accretions thereof, and how credited separately and for the payment of the said deposit and the accretions accruing thereon, as herein before provided, when demanded by the state treasurer on his check at any time, and generally to do and perform whatever may be required by the provisions of this act and a faithful discharge of trust reposed in such repository. The said bond shall be in substance as follows:

Know all men by these presents, that we

[merged small][ocr errors][merged small]

firmly bound unto the people of the state of Nebraska in the just and full sum of dollars, for the payment of which, well and truly to be made, we hereby bind ourselves, our heirs, executors, and administrators, jointly and severally by these presents.

Sealed with our seals and dated the

A. D.

day of Whereas, the said bank, in consideration of said deposit certain of the moneys of the state of Nebraska for safe keeping with and in the


of-, the amount whereof shall be subject to withdrawal or diminution by said treasurer as the requirements of the state shall demand, and which amount may be increased or decreased as the said treasurer may determine; and whereas, the said bank, in consideration of said deposit, and for the privilege of keeping the same, has agreed to and will pay the people of the state of Nebraska the sum of three per cent (3%) per annum on account of said deposit, the same shall be paid quarterly upon the daily average of the sum of such amount as the said bank shall have on deposit to the credit of said state, or any of the funds thereof, for the quarter or any fraction thereof, next preceding the payment of said per centum, which shall be computed and credited to the account of fund or funds so deposited and as a part of the said state funds, and the state treasurer to be at once notified of said credit, and the amount thereof:

bank of

Now, therefore, if the said shall, at the end of every month, render to the state treasurer a statement, in duplicate, showing the daily balance of state funds held by it during the

month next preceding, and the accretions thereof, and how the same had been credited, and shall well and truly keep all said sums of money so deposited or to be deposited as aforesaid, subject to the check and order of the state treasurer as aforesaid, and shall pay over the same, and each and every part thereof, upon the written demand of the state treasurer, and shall estimate, calculate, and pay said per centum as aforesaid, and to his successor in office as shall be by him demanded, and shall, in all respects, save and keep the people of the state of Nebraska and the said state treasurer harmless and indemnified for and by reason of the making of said deposit or deposits, then this obligation shall be void and of no effect, otherwise to be and

remain in full force and virtue.





Amount of deposit.

Custody of bonds.

Unlawful use of funds by state treasurer.

[SEAL.] The treasurer shall not have on deposit in any bank, at any time, more than one-half of the amount of the bond given by said bank; said bonds shall be deposited with and held by the

state auditor.

SEC. 4. The making of profit, directly or indirectly, by the state treasurer, out of any money in the state treasury belonging to the state, the custody of which the state treasurer is charged with, by loaning, depositing, or otherwise using it, or deposing the same in any manner, or the removal by the state treasurer, or by his consent, of such moneys, or a part thereof, out of the

ult of the treasurer's department, or any legal epository of the same, except for the payment warrants legally drawn, or for the purpose depositing the same in the banks selected depositories under the provisions of this act, all be deemed guilty of felony, and on conviction ereof shall be subject to punishment in the state enitentiary for the term of not more than two ears, or a fine not exceeding five thousand ($5,000) ǝllars, and shall also be liable under and upon his fficial bonds for all profits realized from such unwful using of such funds. And it is hereby made he duty of the state treasurer to use all reasonble and proper means to secure to the state the est terms for the depositing of the money belongng to the state, consistent with the safe keeping nd prompt payment of the funds of the state hen demanded.

[ocr errors]

SEC. 5. If the state treasurer shall willfully


Failure or neg trener to

lect of state treasurer perform duty.

ail or refuse at any time to do or perform any act equired of him by this act, he shall be guilty of isdemeanor and subject to indictment therefor, nd upon conviction thereof he shall be sentenced to pay a fine of not exceeding five thousand $5,000) dollars; and it shall be the duty of the ttorney general to enter and prosecute to final deermination all suits for the recovery of any penlty arising under the conditions of any bond required to be given by the provisions of this act. SEC. 6. The county treasurer of each and every Deposit of ounty in the state of Nebraska shall deposit, and t all times keep in deposit for safe keeping, in the tate or national banks, or in some of them doing business in the county, and of approved and re

county funds.

« PreviousContinue »