Bill No.: HB0138                  Drafter:  DKG

LSO No.:  11LSO-0486              Effective Date:  7/1/2011

Enrolled Act No.:  HEA0061

Chapter No.:       125

Prime Sponsor:     Representative Madden

Catch Title:       Public funds-time deposit open accounts interest rate.

Subject:  Interest rate earned by the state on funds deposited with financial institutions.

Summary/Major Elements:

● The state maintains a "time deposit open account program" under which state funds are deposited with banks.

● This act specifies that the state board of deposits is to establish a minimum rate for interest paid on the deposits.

● The minimum rate or such higher rate as agreed to by the depository bank is to be paid.