SEC. 27-105-349. County withdrawal of bonds pledged or filed as security.

The State Treasurer is authorized and empowered * * * to allow county depositories of county funds or county district funds of every kind and character to withdraw any bonds pledged or filed or deposited as security for those deposits:

(a) When in the opinion of the State Treasurer the deposits become reduced to such an extent as to justify the withdrawal;

(b) Or to withdraw any such bonds or corporate surety bonds, and substitute in lieu thereof other bonds or corporate surety bonds, as the case may be.

 * * * All such bonds shall be such as are authorized by law to be pledged or filed as security for those deposits, or if a corporate surety bond, it must be made by a surety company authorized to do business in this state; and in addition, all such deposits shall be fully secured and covered as required by Section 27-105-5.

SOURCES: Codes, 1930, Sec. 4356; 1942, Sec. 9168; Laws, 1922, ch. 284; 1956, ch. 206. Laws, ch. 567, Sec. 3, eff from and after passage (approved April 7, 1995). Amended by Laws 2000, Ch. 408, Sec. 12, SB3064, eff. July 1, 2001.

PREVIOUS VERSIONS: Pre-2000