27-105-359 - Municipal withdrawal of bonds pledged or filed as security.
§ 27-105-359. Municipal withdrawal of bonds pledged or filed as security.
The State Treasurer is authorized and empowered to allow municipal depositories of municipal funds of every kind and character to withdraw any bonds, including corporate surety bonds, pledged or filed or deposited as security for those deposits:
(a) When in the opinion of the State Treasurer the deposits become reduced to such an extent as to justify the withdrawal;
(b) Or to withdraw any such bonds or corporate surety bonds, and substitute in lieu thereof other bonds or corporate surety bonds, as the case may be.
All such bonds shall be such as are authorized by law to be pledged or filed as security for those deposits, or if a corporate surety bond, it must be made by a surety company authorized to do business in this state; and in addition, all such deposits shall be fully secured and covered as required by Section 27-105-5.
Sources: Codes, 1942, § 9173; Laws, 1932, ch. 236; Laws, 1995, ch. 567, § 4; Laws, 2000, ch. 408, § 15, eff from and after July 17, 2001.