65-23-121 - Moneys of the authority Security for deposits.
65-23-121. Moneys of the authority Security for deposits.
All moneys of the authority, from whatever source derived, shall be deposited in one (1) or more banks or trust companies and, if the authority shall so require, each of such accounts shall be continuously secured by a pledge of direct obligations of the United States or of the state of Tennessee having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account or accounts. Such securities shall either be deposited with the authority or held by a trustee or agent satisfactory to the authority. In lieu of any such pledge of such securities, such deposits may be secured by a surety bond or bonds which shall be in form, sufficiency and substance satisfactory to the authority. All banks and trust companies are authorized to give such security for such deposits.
[Acts 1935, (E.S.), ch. 3, § 21; C. Supp. 1950, § 3708.45 (Williams, § 3708.46); T.C.A. (orig. ed.), § 65-2321.]