§12-1-5. Limitation on amount of deposits.
The amount of state funds on deposit in any depository in
excess of either the amount insured by an agency of the federal
government or the amount insured by a deposit guaranty bond issued
by a valid bankers surety company acceptable to the treasurer shall
not exceed ninety percent of the value of collateral pledged on the
collaterally secured bond given by the depository. The value of
the collateral shall be determined by the treasurer.