The board of mayor and aldermen or other municipal authorities of each and every city, town or village in the state are required to select a depository in the manner provided by law for the selection of county depositories. Before being selected, a depository must be certified by the State Treasurer as meeting the capital ratio requirement specified in Section 27-105-5 or 27-105-6. An institution shall not be a qualified depository and shall not receive any municipal funds unless its ratio has been certified annually by the State Treasurer as meeting the prescribed requirement. Notwithstanding the foregoing, any financial institution whether or not meeting the prescribed ratio requirement whose accounts are insured by the Federal Deposit Insurance Corporation or any successors to that insurance corporation may receive municipal funds in an amount not exceeding the amount that is insured by that insurance corporation and may qualify as a municipal depository to the extent of that insurance as prescribed in Section 27-105-315.
Structure Mississippi Code
Title 27 - Taxation and Finance
Article 3 - Depositories for Funds of Local Governments
§ 27-105-301. Levee district depositories
§ 27-105-303. Establishment of county depositories
§ 27-105-307. When no bids submitted; board to readvertise
§ 27-105-309. When banks in county fail to respond
§ 27-105-311. State Treasurer to aid in selection
§ 27-105-313. Obstructing bids; penalty for
§ 27-105-317. Commission of depository
§ 27-105-321. Receipts in triplicate to be issued for deposits; disposition of same
§ 27-105-323. Detailed reports made to supervisors of receipts and disbursements by depositories
§ 27-105-325. How tax collectors to settle with county treasury
§ 27-105-327. Amount to be paid by depositories for privilege of keeping funds; how computed
§ 27-105-329. Failure to pay county warrants
§ 27-105-331. Acquisition of closed depository securities
§ 27-105-333. Alternative method of selecting depositories
§ 27-105-335. Designation of depository for county by Commissioner of Banking and Consumer Finance
§ 27-105-337. Tax collector to deposit funds
§ 27-105-339. Insufficient depository
§ 27-105-341. Sections 27-105-333 through 27-105-339 cumulative
§ 27-105-343. Chancery clerks to perform duties of county treasurers
§ 27-105-345. Traffic in public funds prohibited; penalty therefor
§ 27-105-349. County withdrawal of bonds pledged or filed as security
§ 27-105-351. Drainage district funds; how dealt with
§ 27-105-353. Method of selecting municipal depositories
§ 27-105-355. Security on bond
§ 27-105-357. Duties of depository; penalty for making profit or removing funds
§ 27-105-359. Municipal withdrawal of bonds pledged or filed as security
§ 27-105-361. Banks failing to qualify, treasurer to be selected or depository designated
§ 27-105-363. Term of office of depository
§ 27-105-365. Depository for county and municipal hospital funds; investments