§ 6-20-812 - Interest and payments of principal deposited in State Treasury.
6-20-812. Interest and payments of principal deposited in State Treasury.
(a) Subject to the provisions of subsection (b) of this section, all interest received on securities held in the Revolving Loan Fund shall be deposited into the State Treasury and credited to the Permanent School Revolving Loan Fund.
(b) In the event of the sale of any school district obligations pursuant to 6-20-811, all principal and interest payments on such school district obligations shall be regarded and treated as cash funds and shall not be deposited into the State Treasury, but shall be deposited into a bank or banks approved by the Commissioner of Education.