The state treasurer of Pennsylvania, in addition to the security now required by law from any bank, banking institution or trust company, in which the funds of the state are deposited, may require such bank, banking institution or trust company, in which the said money shall be deposited, to furnish United States government bonds, the bonds of a state, city, county or other municipality, or such other bonds as the board of revenue commissioners may approve, as collateral security for the funds of the state deposited therein.
72 P.S. § 3795