California Government Code 53645 – Interest shall be computed and paid by the depository, as …
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Interest shall be computed and paid by the depository, as follows:
(a) For active deposits upon which interest is payable, interest shall be computed on the average daily balance for the calendar quarter, and shall be paid quarterly.
Terms Used In California Government Code 53645
- Depository: means a state or national bank, savings association or federal association, a state or federal credit union, or a federally insured industrial loan company, in this state in which the moneys of a local agency are deposited. See California Government Code 53630
(b) For inactive deposits, interest shall be computed on a 360-day basis, and shall be paid quarterly.
(Amended by Stats. 1992, Ch. 523, Sec. 5.3. Effective January 1, 1993.)