The board shall make with depositories the most advantageous contracts for interest to be paid by them to the state for the use of the state's money which may be deposited therein, as provided by this article. In so doing, the board may authorize the state treasurer to negotiate with depositories explicit fees in payment for the state's banking services.Such fees shall be paid by the state treasurer from interest earned and shall be subject to the board's approval.In the event any depository so named shall refuse to make a satisfactory contract with the board as to interest to be paid and fees to be charged, it shall have authority to remove state funds from such depository.
(Ga. L. 1878-79, p. 88, § 2; Code 1882, § 943b; Ga. L. 1895, p. 22, § 1; Civil Code 1895, § 984; Civil Code 1910, § 1251; Code 1933, § 100-103; Ga. L. 1949, p. 13, § 8; Ga. L. 1992, p. 1247, § 2; Ga. L. 2010, p. 863, § 4/SB 296.)
OPINIONS OF THE ATTORNEY GENERAL
Limitations on purchases of negotiable certificates of deposit.
- Terms "the most advantageous contracts for interest" and "time deposit agreements" permit the state treasurer to purchase negotiable certificates of deposit from state depositories provided the negotiable certificates of deposit are at the rates of interest required by the State Depository Board. 1971 Op. Att'y Gen. No. 71-79.