Louisiana Revised Statutes 51:3108 – Deposit of public funds by state
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Terms Used In Louisiana Revised Statutes 51:3108
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
A. The treasurer may deposit public funds with a financial institution designated as a banking district depository.
B. Subject to an agreement between the treasurer and the banking district depository, public funds deposited in the banking district depository may earn a fixed interest rate that is at or below the financial institution’s posted two year certificate of deposit rate.
Acts 2007, No. 255, §1.