Statutes > Kentucky Statutes > CHAPTER 41 DEPARTMENT OF THE TREASURY > 41.230 Charges for services by depositories -- Interest on deposits.

41.230 Charges for services by depositories -- Interest on deposits.

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41.230 Charges for services by depositories -- Interest on deposits. For services rendered by the depositories compensation shall be made in the forms of a <br>predetermined fee or a predetermined compensating balance. The depositories shall each <br>pay to the state, in proportion to the deposits received, interest at such rate per annum <br>upon the average daily deposit on hand at the close of business hours as is agreed upon <br>between the Treasurer and the depositories, consistent with the regulations promulgated <br>by the State Investment Commission pursuant to KRS 42.525. The interest shall be paid <br>to the Treasurer at the end of each six (6) months or upon maturity commencing with the <br>date of the deposit. Effective: July 15, 1982 <br>History: Amended 1982 Ky. Acts ch. 382, sec. 2, effective July 15, 1982. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4692.