§ 12-74. Public depositories.

Latest version.

The village board shall designate the public depository within the state within which village funds shall be deposited, and when the money is deposited in such depository in the name of the village, village officials and bondsmen shall not be liable for such losses as are defined by state law. The interest arising therefrom shall be paid into the village treasury. A copy of the resolution designating public depositories shall be filed annually with the state commissioner of banking. Pursuant to state law, designated public depositories shall be required to pledge U.S. Treasury notes equal in amount to any uninsured balance of the village's deposit.

(Code 1989, § 3-1-7)

State law reference

Public depositories, Wis. Stats. § 62.12(7).

                    
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