KRS 41.230: Charges for services by state depositories -- Interest on deposits.

For services rendered by state depositories, compensation shall be made in the form of a

predetermined fee or a predetermined compensating balance. State depositories shall each

pay to the state, in proportion to the deposits received, interest at such rat e per annum

upon the average daily deposit on hand at the close of business hours as is agreed upon

between the Treasurer and the state depositories, consistent with the regulations

promulgated by the State Investment Commission pursuant to KRS 42.525. The interest

shall be paid to the Treasurer no later than at the end of each six (6) months or upon

maturity commencing with the date of the deposit.