Sec. 36a-336. (Formerly Sec. 36-389). Public deposits in qualified public depository or out-of-state bank. Prohibition on charging certain costs, fees or expenses.
106 words·~1 min read·
/ct/title-36a/chapter-665a-deposits/36a-336·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)No public deposit shall be made except in a qualified public depository or in an out-of-state bank if
(1)the deposit is permitted by a statute of this state, and
(2)such out-of-state bank provides eligible collateral for such deposit in excess of the Federal Deposit Insurance Corporation insurance limit in an amount satisfactory to the public depositor but in any event affording protection at least equal to that provided under sections 36a-330 to 36a-338 , inclusive.
(b)A qualified public depository shall not charge costs, fees or expenses incidental to the transfer or maintenance of eligible collateral against the required amount of eligible collateral.