Debt to a private bank for which Federal Deposit Insurance Corporation was subsequently appointed receiver does not render candidate an “illegal holder of public funds.”

Mr. William Carruth, a candidate for State Senate, established residency requirements in the Senate District where he sought office.  Mr. Carruth’s debt to the Federal Deposit Insurance Corporation (FDIC), an appointed receiver for the private bank at which he originally incurred the debt, did not involve public funds and therefore did not bar his candidacy.