147-79. Deposits to be secured; reports of depositories.
(a) The amount of funds deposited by the State Treasurer in an official depository shall be adequately secured by deposit insurance, surety bonds, letters of credit issued by a Federal Home Loan Bank, or investment securities of such nature, in such amounts, and in such manner, as may be prescribed by rule or regulation of the State Treasurer with the approval of the Governor and Council of State. No security is required for the protection of funds remitted to and received by a bank or trust company designated by the State Treasurer under G.S. 142-1 and acting as paying agent for the payment of the principal of or interest on bonds or notes of the State.
(b) Each official depository having deposits required to be secured by subsection (a) of this section may be required to report to the State Treasurer on January 1 and July 1 of each year (or such other dates as he may prescribe) a list of all surety bonds or investment securities securing such deposits. If the State Treasurer finds at any time that any funds of the State are not properly secured, he shall so notify the depository. Upon such notification, the depository shall comply with the applicable law or regulations forthwith.
(c) Violation of the provisions of this section shall be a Class 1 misdemeanor. (1933, c. 461, ss. 1, 11/2; 1979, c. 637, s. 3; 1993, c. 539, s. 1056; 1994, Ex. Sess., c. 24, s. 14(c); 2016-108, s. 4.)
Structure North Carolina General Statutes
North Carolina General Statutes
§ 147-65 - Salary of State Treasurer.
§ 147-66 - Office and office hours.
§ 147-68 - To receive and disburse moneys; to make reports.
§ 147-68.1 - Banking operations.
§ 147-68.2 - Confidentiality of warrants issued by the State.
§ 147-69 - Deposits of State funds in banks and savings and loan associations regulated.
§ 147-69.1 - Investments authorized for General Fund and Highway Funds assets.
§ 147-69.2 - Investments authorized for special funds held by State Treasurer.
§ 147-69.2A - Investments; special funds held by the State Treasurer.
§ 147-69.3 - Administration of State Treasurer's investment programs.
§ 147-69.3A - Liability insurance for State Treasurer.
§ 147-69.5 - Local Government Law Enforcement Special Separation Allowance Fund.
§ 147-69.6 - Swain County Settlement Trust Fund.
§ 147-69.7 - Discharge of duties to funds.
§ 147-69.8 - Annual report on new investment authority.
§ 147-69.9 - Third-party audit of State Treasurer's investments.
§ 147-69.10 - Investment policies and performance reviews of Retirement Systems investment programs.
§ 147-69.11 - Ethics policies.
§ 147-69.12 - Reporting on the State Treasurer's investment programs.
§ 147-70 - To make short-term notes in emergencies.
§ 147-71 - May demand and sue for money and property of State.
§ 147-72 - Ex officio treasurer of State institutions; duties as such.
§ 147-73 - Office of treasurer of each State institution abolished.
§ 147-74 - Office of State Treasurer declared office of deposit and disbursement.
§ 147-75 - Deputy to act for Treasurer.
§ 147-75.1 - Criminal record checks for the Department of State Treasurer.
§ 147-76 - Liability for false entries in his books.
§ 147-76.1 - Require deposit into the State treasury of funds received by the State.
§ 147-77 - Daily deposit of funds to credit of Treasurer.
§ 147-78 - Treasurer to select depositories.
§ 147-78.1 - Good faith deposits; use of master trust.
§ 147-79 - Deposits to be secured; reports of depositories.
§ 147-80 - Deposit in other banks unlawful; liability.
§ 147-81 - Number of depositories; contract.
§ 147-82 - Accounts of funds kept separate.
§ 147-83 - Receipts from federal government not affected.
§ 147-84 - Refund of excess payments.
§ 147-86 - Additional clerical assistance authorized; compensation and duties.
§ 147-86.1 - Pool account for local government unemployment compensation.
§ 147-86.2 - Information Technology fees; dispute resolution panel.