§ 35-1201 – Definitions
35-1201. Definitions In this chapter, unless the context otherwise requires: 1. " Administrator" means the statewide collateral pool administrator. 2. " Default or insolvency" includes the failure or refusal of any eligible depository to return any public deposit on demand or at maturity and the issuance of an order of supervisory authority restraining that depository […]
§ 35-1202 – Powers of the statewide collateral pool administrator
35-1202. Powers of the statewide collateral pool administrator The statewide collateral pool administrator is established in the office of the state treasurer. On or before July 1, 2014, the administrator shall have the necessary policies and procedures in place to implement this chapter. The administrator may: 1. Adopt and enforce the policies and procedures necessary […]
§ 35-1203 – Subrogation of administrator to depositor’s rights; distribution of assets; payment
35-1203. Subrogation of administrator to depositor’s rights; distribution of assets; payment On payment in full to any public depositor on any claim presented pursuant to this chapter, the administrator shall be subrogated to all of the depositor’s rights, title and interest against the depository that is in default or insolvent and shall share in any […]
§ 35-1204 – Mandatory deposit of public funds in eligible depositories; notice; exemption
35-1204. Mandatory deposit of public funds in eligible depositories; notice; exemption A. Uninsured public deposits required to be secured by collateral pursuant to this chapter shall be deposited in an eligible depository. B. On written notice to the administrator, a city that is governed by a charter and that has a population of more than […]
§ 35-1205 – Authority to make public deposits
35-1205. Authority to make public deposits A. All public depositors may make public deposits under the depositor’s control in eligible depositories. The eligible depository shall secure any uninsured public deposits pursuant to this chapter or in accordance with the procedures prescribed in section 35-323.01. B. Local officials handling public deposits in this state may not […]
§ 35-1206 – Public depositors; immunity
35-1206. Public depositors; immunity When deposits are made in accordance with this chapter, an official of a public depositor is not personally liable for any loss resulting from the default or insolvency of any eligible depository in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of public depositor or the depositor’s agents.
§ 35-1207 – Collateral for public deposits
35-1207. Collateral for public deposits A. An eligible depository shall not accept or retain any public deposit that is required to be secured unless the eligible depository has deposited the required collateral with a qualified escrow agent or the administrator, if required. Every eligible depository shall deposit with a qualified escrow agent eligible collateral equal […]
§ 35-1208 – Qualified escrow agent; substitutions
35-1208. Qualified escrow agent; substitutions A. Eligible collateral shall be held as provided in this article or by policy of the administrator. Eligible collateral shall be held in the custody of any bank, including a federal reserve bank, or any depository trust company. B. Each eligible depository shall provide in a written deposit or pledge […]
§ 35-1209 – Reports of eligible depositories
35-1209. Reports of eligible depositories At the request of the administrator, each eligible depository shall submit to the administrator a report, as prescribed by the administrator, showing the current market value of the depository’s pledged collateral. The report shall be certified as to its accuracy by an authorized official of the eligible depository.
§ 35-1210 – Procedure for payment of losses
35-1210. Procedure for payment of losses When the administrator determines that an eligible depository securing public deposits in accordance with this section is a defaulting depository, the administrator shall take steps as promptly as practicable to reimburse public depositors of all uninsured public deposits held by the defaulting depository using the following procedures: 1. The […]