§ 51:3106 — Banking district depository

A. The governing body of a local government in which a banking development district has been designated under R.S. 51:3105 may, by resolution, designate a financial institution located in the district as a banking district depository for purposes of R.S. 39:1220 regardless of whether the financial institution is designated as a state depository. All existing financial institutions operating in an area that becomes designated as a banking development district shall be eligible to be designated as a banking district depository for the purposes of this Chapter.
B. A resolution adopted under Subsection A must specify the maximum amount that may be kept on deposit with the banking district depository.

Legislative History

Acts 2007, No. 255, §1.