If designated treasurer of any public corporation by any statute of this state, the commissioner of finance may deposit any public corporation funds in any bank or trust company in this state designated by the commissioner of finance unless otherwise provided in the statutes relating to such public corporation. Such deposits shall be deemed deposits of public funds, and said treasurer may require any bank or trust company in which such funds are deposited to give a corporate surety bond for the repayment of such funds or to deposit collateral securities to secure such deposits. Collateral securities so pledged shall consist of bonds and similar securities which are eligible as collateral security for deposits of state funds deposited in depositories designated by the Executive Council of this state. Such bond or collateral shall be in such amount as shall be fixed by the commissioner of finance.
The commissioner of finance shall not be liable for the safekeeping of money deposited by the commissioner of finance which are secured by a corporate surety bond or a pledge of collateral securities as herein provided.