RS 51:3107: Deposit of public funds by local government

A. A local government may deposit public funds with a financial institution designated as a banking district depository.

B. Subject to an agreement between the governing body and the banking district depository, public funds deposited in the banking district depository may earn a fixed interest rate that is at or below the financial institution's posted two year certificate of deposit rate. The terms of the agreement must be specified in the resolution adopted under R.S. 51:3106.