Deposit Of Public Moneys

DEPOSIT OF PUBLIC MONEYS. Initiative amendment to section 16 1/2 of Article XI of Constitution. Present section unchanged except in following particulars: Authorizes banks in which public moneys are deposited to furnish, as security, bonds of districts within municipalities, or of a corporation qualified to act as sole surety on bonds or undertakings, to an amount in value, or with a penalty, of at least ten per cent over amount of deposit; provides that no deposit under section shall exceed at any time fifty per cent of paid up capital and surplus of depository bank