The Treasurer shall collect interest from the lending institutions on a monthly basis.

1. (1) The Treasurer shall collect interest on deposits by (Automated Clearing House) ACH transaction on the last day of each month. Interest shall be calculated on a 30/360 day basis.

Author: Lucy Baxley

Statutory Authority: Code of Ala. 1975, §§5-21-7, 5-21-9.

History: New Rule: Filed February 21, 1996; effective March 27, 1996.