34.07 to permit a public depositor to require a bond or other security for public deposits. Further, this section is amended to shorten the listing of treasurers by making use of the defined term in s. 34.01 (7). In making use of the term “treasurer”, this subsection specifically includes the treasurer (or clerk, in the case of a court) of: A cooperative educational service agency. Any court of Wisconsin. A corporation organized under s. 39.33, by the Wisconsin higher educational aids board, to provide for a guaranteed student loan program. The housing and economic development authority. The bodies listed above are included in the definition of “public depositor” in s. 34.01 (4), but are not listed in current s. 34.06. [85 Act 25]
34.07 Security. A surety bond or other security, including an irrevocable letter of credit issued by a federal home loan bank, state bank, national bank, federal or state savings bank, federal or state credit union, or federal or state savings and loan association, may be required of or given by any public depository for any public deposits that exceed the amount of deposit insurance provided by an agency of the United States and the coverage provided under s. 34.08 (2). History: 1985 a. 25; 2005 a. 134; 2017 a. 340. Legislative Council Note, 1985: This section is amended to provide that a surety bond or other security may be required of or given by a public depository for any public deposits for the amount of deposits that exceeds the deposit insurance for each account and the $400,000 amount for all accounts available under s. 34.08 (2). The amendment removes the prohibition on the use of a bond or other security by a public depository which is seeking public deposits. [85 Act 25]