(a) Any depository in this state is authorized to give such bond or to secure deposits of public funds by deposits of securities, whether the securities are owned by the depository into which the public funds are deposited or are owned by another bank, and the proper authorities are authorized to make contracts with depositories as to interest or compensation of the depository.

(b) Depositories that are not covered depositories may secure deposits of public funds using the dedicated method, the single bank pooled method, or both methods, as enumerated in this subsection:

(1) Under the dedicated method, a depository shall secure the deposits of each of its public body depositors separately. It is intended that the dedicated method is the method permitted under Code Section 45-8-12 and that this method will not be affected by this subsection; or

(2) Under the single bank pooled method, a depository shall secure deposits of public funds of public bodies which have deposits with it through a pool of collateral established by the depository with a custodian for the benefit of public bodies having deposits with such depository as set forth in Code Section 45-8-13.1. If a depository elects the single bank pooled method, it may use the single bank pooled method with some public body depositors and the dedicated method with other public body depositors.

(c) Covered depositories shall secure public funds from public bodies as provided in this subsection:

(1) Establish a pool of collateral with a custodian for the benefit of public bodies having deposits with such covered depository as set forth in Code Section 45-8-13.1;

(2) Secure deposits made with it partly by surety bond, partly by deposit of any one or more of the obligations referred to in subsection (a) of Code Section 45-8-12, partly by the guarantee or insurance of accounts by the Federal Deposit Insurance Corporation, any obligation authorized pursuant to the policies and procedures of the State Depository Board, or by any combination of these methods. The aggregate of the face value of such surety bond and the market value of securities pledged shall be a percent of the public funds being secured after the deduction of the amount of deposit insurance as established quarterly pursuant to a formula proposed by the commissioner and adopted by the State Depository Board based on the ratings of the covered depository from one or more nationally recognized rating services. The commissioner is authorized to propose to the State Depository Board multiple tiers of collateralization requiring different percentages of securities to be pledged to secure deposited public funds; and

(3) Under the multibank pooled method, each covered depository shall guarantee the deposits of a public body against loss caused by the default of other depositories within the multibank pool.