6-10-33. Interest limited to maximum permitted by federal law or
96 words·~1 min read·
/nm/chapter-6-public-finances/article-10-public-money/6-10-33·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
regulation.
No deposit of public funds shall bear interest where any bank, savings and loan association or credit union is precluded from paying interest on the deposit by federal law or the regulations of any agency or instrumentality of the United States, and no deposit of public funds shall bear a greater interest rate than banks, savings and loan associations or credit unions are authorized to pay under such federal laws or regulations.
History: 1953 Comp., § 11-2-30, enacted by Laws 1975, ch. 157, § 5; 1981, ch. 332, § 12; 1987, ch. 79, § 12.