Louisiana Revised Statutes 39:1217.1 – Depositing authorities located in parishes or municipalities of less than one hundred thousand; exemption
Terms Used In Louisiana Revised Statutes 39:1217.1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Any depositing authority located in a parish or municipality with a population of less than one hundred thousand shall generally be exempt from the provisions of La. Rev. Stat. 39:1214 through 1242; however, such a depositing authority shall satisfy the security requirements of those Sections and of any other applicable state or federal laws or regulations. All funds except demand deposits under the control of such depositing authorities shall be placed in interest-bearing accounts at an interest rate of not less than twenty-five percent below the discount treasury bill rate with regard to treasury bills of comparable maturity on deposit within the parish or municipality, in state banks, national banks, or investments in obligations guaranteed by the federal government.
Acts 1989, No. 772, §2; Acts 2004, No. 560, §1, eff. July 1, 2004.