ITLE 39. PUBLIC FINANCE

SUBTITLE II. LOCAL FINANCE

CHAPTER 7. LOCAL DEPOSITORIES

PART I. GENERAL PROVISIONS

39:1220.1      Local depositing authorities; activity charges

 Notwithstanding any provision of law to the contrary, all fiscal agent or depository banks shall pay at par and receive on deposit at par all checks and drafts drawn by or deposited for the account of the local depositing authority on whatsoever points the checks may be drawn, except as otherwise agreed upon by the parties. The local depositing authority may elect to pay for services rendered by the bank either through compensating balances or through the assessment of service or activity charges, or any combination thereof, as may be agreed upon by the local depositing authority and the fiscal agent or depositing bank.

Added by Acts 1991, No. 1008, § 2. Amended by Acts 1992, No. 587, § 1.