Section 5-21-7

Interest rates.

The Treasurer shall determine the rate, term, method, and date of payment due the State of Alabama on each linked deposit. The rate of interest on a one-year linked deposit shall be two percent below the current rate of the one-year treasury bill. The rate of interest on a two-year linked deposit shall be two percent below the rate of the most recent two-year treasury note. The lending institution sets the interest rate charged to the borrower, but the rate of interest charged on any linked deposit loan shall be two percent below the rate the lending institution would have charged the borrower had the linked deposit program not been used.

(Acts 1988, No. 88-162, p. 256, §7; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., §1.)