LOC Purpose: Public Fund/Public Unit Deposit

To assist member in securing obligations of a public unit depositor, as defined by the Federal Deposit Insurance Corporation (FDIC):

A. Public unit depositor means "includes a state, county, municipality, or any 'political subdivision' of the public unit."

B. Public subdivision means “to include drainage, irrigation, navigation, improvement, levee, sanitary, school or power districts, and bridge or port authorities and other special districts created by state statute or compacts between the states.”