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42.510 Fixing rates of interest -- Relationship to Linked Deposit Investment Program.

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Page 1 of 1 42.510 Fixing rates of interest -- Relationship to Linked Deposit Investment Program. (1) The State Investment Commission shall, in a timely manner, consistent with the goal of maximizing the return on invested funds, fix the rate of interest to be paid <br>by qualified public depositories upon investment deposits. (2) Time deposits in Kentucky depositories made pursuant to this chapter shall bear interest at a rate which would be equal to one hundred percent (100%) of the <br>average full fair market rate of interest for the deposits in Kentucky and contiguous <br>states determined from quotes from not less than seven (7) banks, at least four (4) of <br>which shall be Kentucky banks. Those rates shall be recorded by the State <br>Investment Commission. (3) The State Investment Commission may invest through qualified depositories in a Linked Deposit Investment Program to provide low cost funds for reduced rate <br>loans to eligible small businesses and agribusinesses. The linked deposit loan rate <br>shall be fixed by the State Investment Commission in the manner provided under <br>KRS 41.610. Effective: July 15, 1996 <br>History: Amended 1996 Ky. Acts ch. 208, sec. 1, effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 276, sec. 7, effective July 15, 1994. -- Created 1982 Ky. Acts <br>ch. 382, sec. 7, effective July 15, 1982.