New Jersey Statutes 17:16Z-6. Selection of bank as depository for public moneys, funds
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 17:16Z-6
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
6. a. Notwithstanding the provisions of section 1 of P.L.1956, c.174 (C. 52:18-16.1) or any other law to the contrary, the State Treasurer may select a bank in a district as a depository for public moneys or funds that are otherwise in the custody of the State Treasurer.
b. Subject to an agreement between the State Treasurer and the bank, funds of the State deposited in the bank may earn a fixed rate of interest which is at or below the bank’s posted rate for a mutually agreeable depository product, for a mutually agreeable term.
L.2011, c.24, s.6.