RS 33:3886.1: Depository for Sewerage District Number One of St. Martin Parish

Notwithstanding the provisions of R.S. 33:3886, Sewerage District Number One of St. Martin Parish is additionally authorized to deposit its funds in a solvent chartered bank located in St. Mary Parish or Assumption Parish; however, said district shall transfer such funds monthly to its depository located in St. Martin Parish. The district shall not expend such funds during the time that the funds are deposited in a bank other than its depository. The district may invest funds deposited in a bank other than its depository only until such time as the funds are deposited in its depository as required in this Section.