Table of Contents TITLE 7. LOCAL GOVERNMENT CHAPTER 6. FINANCIAL ADMINISTRATION AND TAXATION Part 2. Deposit and Investment of Public Money
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Mont. Code Ann. § 7-6-207

Deposit security

(1) The local governing body may require security only for that portion of the deposits that is not guaranteed or insured according to law and, as to the unguaranteed or uninsured portion, to the extent of:

(a) 50% of the deposits if the institution in which the deposit is made has a net worth to total assets ratio of 6% or more; or

(b) 100% if the institution in which the deposit is made has a net worth to total assets ratio of less than 6%. The security must consist of those enumerated in 17-6-103 or cashier's checks issued to the depository institution by any federal reserve bank.

(2) When negotiable securities are furnished, the securities may be placed in trust. The trustee's receipt may be accepted in lieu of the actual securities when the receipt is in favor of the treasurer or town clerk and the treasurer's or clerk's successors. All warrants or other negotiable securities must be properly assigned or endorsed in blank. The appropriate governing body shall, upon the acceptance and approval of any of the bonds or securities, make a complete minute entry of the acceptance and approval upon the record of its proceedings, and the bonds and securities must be reapproved at least quarterly.

Official Annotations archive.org, 2025 edition
History:
En. Sec. 4367, Pol. C. 1895
Amd. Sec. 1, Ch. 5, L. 1903
Amd. Sec. 3003, Rev. C. 1907
Amd. Sec. 1, Ch. 88, L. 1913
Re-en. Sec. 4767, R.C.M. 1921
Cal. Pol. C. Sec. 4161
Amd. Sec. 1, Ch. 89, L. 1923
Amd. Sec. 1, Ch. 137, L. 1925
Amd. Sec. 1, Ch. 134, L. 1927
Amd. Sec. 1, Ch. 49, L. 1929
Amd. Sec. 1, Ch. 23, Ex. L. 1933
Re-en. Sec. 4767, R.C.M. 1935
Amd. Sec. 1, Ch. 50, L. 1957
Amd. Sec. 1, Ch. 66, L. 1961
Amd. Sec. 1, Ch. 40, L. 1963
Amd. Sec. 1, Ch. 32, L. 1965
Amd. Sec. 1, Ch. 258, L. 1969
Amd. Sec. 1, Ch. 499, L. 1973
Amd. Sec. 1, Ch. 43, L. 1974
Amd. Sec. 106, Ch. 348, L. 1974
Amd. Sec. 1, Ch. 160, L. 1975
Amd. Sec. 28, Ch. 213, L. 1975
Amd. Sec. 2, Ch. 304
L. 1975
Amd. Sec. 1, Ch. 539, L. 1975
R.C.M. 1947, 16-2618(2), (3)
Amd. Sec. 1, Ch. 158, L. 1979
Amd. Sec. 2, Ch. 252, L. 1979
Amd. Sec. 7, Ch. 274, L. 1981
Amd. Sec. 1, Ch. 217, L. 1983
Amd. Sec. 1, Ch. 287, L. 1983
Amd. Sec. 2, Ch. 620, L. 1985
Amd. Sec. 472, Ch. 61, L. 2007 (SB 40 - Cocchiarella, Vicki (D) SD 47)
Source text on leg.mt.gov