Section 5-21-4

Creation of plan; term and return rate of deposits.

(a) The Wallace Plan for Linked and Emergency Interim Deposits, hereinafter referred to as "the plan" is created. The State Treasurer is authorized, effective October 1, 1999, and until September 30, 2006, to use up to 12 percent of the total amount of investment funds of the state portfolio for the plan as linked deposits for eligible loans or for emergency interim deposits, as herein defined, made at the Treasurer's discretion.

(b) The term of any emergency interim deposit shall not exceed one year, and the deposit shall be made at a rate of return two percent below the current market rate for such a deposit, as determined by the Treasurer, provided the institution agrees to lend the equivalent value of the deposit at a correspondingly reduced rate of interest.

(Acts 1988, No. 88-162, p. 256, §4; Acts 1989, No. 89-882, p. 1780, §1; Acts 1991, No. 91-720, p. 1399, §1; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1; Act 2003-304, p. 722, §1.)