Mississippi Code
Article 1 - State Depositories
§ 27-105-5. Qualification as public funds depository; authority of State Treasurer; definitions

No bonds shall be accepted as security for more than their stated par value or market value, whichever is lower, except bonds and obligations of the State of Mississippi and Mississippi State Highway bonds or notes, which may be accepted as security at par value or market value, whichever is greater.
The bonds, notes and liquid securities to be placed on deposit shall secure both deposits and the accrued interest thereon.
Money shall be drawn from the depositories so as to leave in each as near as practicable, its equitable proportion of state funds.
The State Treasurer is authorized and empowered to:
The safekeeping banks listed in subparagraph (i) above are authorized to issue to the State Treasurer their safekeeping trust receipts based on safekeeping trust receipts issued to them by any of their correspondent banks that are members of the Federal Reserve System and are located in any federal reserve city and that have physical custody of the pledged securities.
In no event shall the State Treasurer deposit for safekeeping with any depository securities placed by the depository with the State Treasurer in qualifying as a public funds depository, nor shall he accept a safekeeping trust receipt by or from a depository covering securities it owns in order to secure state funds on deposit with it.

Structure Mississippi Code