Section 41-14-33

Execution by State Treasurer of contracts with state depositories covering time deposits, open account; early withdrawal; payment and rate of interest.

(a) The State Treasurer is authorized to enter into contracts with the state depositories for the deposit of state funds in time deposits, open account, having maturities of 91 days, six months or one year; provided that any such contract for a time deposit, open account, having a maturity of 91 days shall provide for early withdrawal of funds upon written notice delivered at least 14 days (or the minimum period of time as is prescribed by applicable banking regulation then in effect) prior to the date of withdrawal.

(b) The rate of interest to be paid on each time deposit, open account, of 91 days, six months and one year maturity shall correspond to the rate borne by United States treasury obligations of comparable maturity and shall be calculated as the average auction rate for United States Treasury Bills with maturities of 91 days and 26 weeks, respectively, as established at the four most recent auctions held immediately prior to the execution of the contract for such time deposit, open account, or where the maturity of the time deposit, open account, is one year, as established at the most recent auction for United States Treasury Bills with maturities of one year held immediately prior to the execution of the contract.

(c) The interest shall be payable in accordance with Section 41-14-34.

(Acts 1967, No. 3, p. 336, §4; Acts 1971, 1st Ex. Sess., No. 62, p. 99; Acts 1975, 1st Ex. Sess., No. 1, §2; Acts 1989, No. 89-868, p. 1743.)