Title 41 — Title 41

The Governor may designate any bank or savings association which is a qualified public depositary under Chapter 14A of this title as a state depositary as provided in this article. History: (Code 1907, §641; Code 1923, §891; Code 1940, T. 55, §379; Act 2000- 748, p. 1669, §2.)

Name of Purchaser. THIS SECTION WAS REPEALED BY ACT 2000-748, 2000 REGULAR SESSION, EFFECTIVE JANUARY 1, 2001. History: (Code 1907, §649; Code 1923, §899; Code 1940, T. 55, §387.)

Before any voluntary surrender of its designation as a state depository, any bank or savings association shall give at least 30 days’ notice to the Governor, Department of Finance, and Treasurer of its purpose to cease acting as a state depositary. History: (Code 1907, §651; Code…

Ceasing, Etc., to Act as State Depositary. THIS SECTION WAS REPEALED BY ACT 2000-748, 2000 REGULAR SESSION, EFFECTIVE JANUARY 1, 2001. History: (Code 1907, §650; Code 1923, §900; Code 1940, T. 55, §388; Acts 1947, No. 411, p. 301, §5.)

Required by Article. Nothing in this article shall be construed as requiring county or state officers to place state funds in state depositaries, and they may pay such funds into the State Treasury as now provided by law. History: (Code 1907, §654; Code 1923, §904; Code 1940, T. …

State Depositaries. The Treasurer, by and with the approval of the Governor, may place all funds or any part thereof paid to him or her by county or state officers or any other funds that he may have at any time on hand in any one or more of the state depositaries under the same …

Methods for Transaction of Business with State Depositaries. The Governor, the Department of Finance and the Treasurer are authorized to establish such regulations and collection methods not inconsistent with the provisions of this article as they may deem necessary for the conve…

Any state or county officer, or state depositary or agent thereof, who shall violate any of the provisions of this article shall be guilty of a misdemeanor and may, on conviction, be fined not more than $2,500.00; and, in addition to the fine, such state or county officer may be …

Before any bank or savings association shall be designated as a state depositary, it shall be designated as a qualified public depository under Chapter 14A of this title, and it shall file with the State Treasurer an application in writing to be designated as a state depositary u…

Upon the filing of such application with the State Treasurer, the Treasurer shall certify to the Governor the fact of such application and the sworn statement accompanying the same, and thereupon the Governor may designate the applicant as a state depositary. In the event the app…

Investments. (a) The State Treasurer may deposit the money of the state in any available bank product in any bank or savings association that is a qualified public depository under Chapter 14A of this title and that has been designated as a state depositary according to law, so l…

Apportionment of Demand Deposits. As much money as may be needed for current operational purposes of the state government, as determined by the State Treasurer in accordance with procedures prescribed by Section 41-14-32 and with the approval of the Governor, shall be maintained …

Apportionment; Payment and Rate of Interest. (a) The State Treasurer is authorized to enter into contracts with the state depositories for the deposit of state funds in time deposits, open account, having maturities of 91 days, six months, or one year; provided that any such cont…

Emergency Withdrawal of Funds on Time Deposit, Open Account. (a) Interest shall be calculated on the basis of the contracts existing with respect to time deposits, open account, and shall be payable monthly to the State Treasurer and by that officer paid into the State Treasury t…

(a) All public deposits, as defined in Chapter 14A, of the state shall be secured to the extent and in the manner provided in Chapter 14A by any combination of the following securities and instruments, which may be issued and held in either definitive or book-entry form: Direct o…

Moneys in Time Deposits, Open Account, Demand Deposits, Etc. Any person who knowingly demands or receives any fee, compensation, or reward or who demands or accepts directly or indirectly as payment or gift or otherwise any sum of money or other thing of value as an inducement or…

Nothing contained in this article shall be construed to modify, amend, or repeal the provisions of Section 36-17-18, as now existing or hereafter amended, relating to investment in direct obligations of the United States of America registered in the name of the State Treasurer. H…

The provisions of this article shall not apply to funds subject to withdrawal by a state official, state department, or state agency other than the State Treasurer. History: (Acts 1967, No. 3, p. 336, §9.)

The state may pay any state depositary for the transfer or removal of funds to or from the state depositary, item handling charges, and for any other services performed by the state depositary. Payment for transfers, removals, item handling charges, and other services performed b…

Maximum Amount of State Funds Which Depositaries May Receive, Etc. Any state or county officer in this state having in his or her possession or under his or her control funds or moneys belonging to the state may place the same in a state depositary to the credit of the State Trea…

This article shall be known as the Linked Deposit Program of 2007. The purpose of this article is to enhance the George Wallace, Jr., Plan for Linked Deposits of 1988 and further stimulate growth and development in agricultural and small business operations, and to provide disast…

When used in this article, the following words and phrases have the following meanings: (1) AGRICULTURE and AGRICULTURAL. Those activities, land, buildings, and machinery relating to any of the following: a. The raising, harvesting, rotation, selling, or marketing of crops or pro…

(a) The Linked Deposit Program of 2007 is created and the Treasurer shall administer the program. (b) The Treasurer shall establish procedures, guidelines, forms, and other requirements to carry out this article. The Treasurer may disseminate program information to interested par…

(a) An eligible lending institution shall accept and review applications for linked deposit loans from eligible borrowers. The lending institution shall apply all usual lending standards to determine the credit worthiness of eligible borrowers. (b) The eligible lending institutio…

(a) Only one linked deposit shall be made and be outstanding at any one time to any one eligible borrower. (b) The linked deposit amount shall not exceed seven hundred fifty thousand dollars ($750,000) per eligible borrower. (c) The initial linked deposit term shall be two years.…

(a) The linked deposit fixed rate paid by the eligible lending institution shall be two percent below the two-year constant maturity treasury rate. (b) The minimum linked deposit rate shall be one percent. (c) The linked deposit loan rate to the eligible borrower shall be set by …

(a) Neither the state nor the Treasurer shall be liable to any eligible lending institution in any manner for payment of the principal or interest on the linked deposit loan to an eligible borrower. (b) Any delay in payments or any default on the part of the eligible borrower doe…

of Copies of Receipts, Etc. Each state depositary shall give to the officer placing funds or moneys therein to the credit of the Treasurer a receipt therefor in duplicate, and such officers shall immediately mail to the Department of Finance a duplicate of the said receipt. The D…

of Balance in Depositaries to Be Made to Treasurer, Governor, Etc. Each state depositary shall report in writing at the close of each business day to the Treasurer the total amount of all sums placed therein for his or her account on that day, by whom made and for what purpose ma…

to Pay Check, Etc., of Treasurer or Account for State Funds Generally. Repealed effective January 1, 2001, by Act 2000-748, §3. History: (Code 1907, §648; Code 1923, §898; Code 1940, T. 55, §386; Acts 1947, No. 411, p. 301, §4.)