Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-7-6 - Certificates of Deposit6.1. A state depository is not required to provide a bond or security in lieu of bond if the deposits accepted are placed in certificates of deposit meeting the following requirements:6.1.1. The funds are invested through a designated state depository selected by the Treasurer;6.1.2. The selected depository arranges for the deposit of the funds in certificates of deposit in one or more financial institutions wherever located in the United States, for the account of the state;6.1.3. The full amount of principal and accrued interest of each certificate of deposit is insured by the Federal Deposit Insurance Corporation;6.1.4. The selected depository acts as custodian for the state's account; and6.1.5. At the same time that the state funds are deposited and the certificates of deposit are issued, the selected depository receives an amount of deposits from customers of other financial institutions wherever located in the United States equal to or greater than the amount of the funds invested by the state through the selected depository.