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This entry was published on 2014-09-22
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SECTION 69-A
Interest to be paid and collected on all deposits of public moneys amounting to one thousand dollars or more
Public Officers (PBO) CHAPTER 47, ARTICLE 4
§ 69-a. Interest to be paid and collected on all deposits of public
moneys amounting to one thousand dollars or more. Within twenty days of
the taking effect of this section, interest shall be required to be
paid, if not already so provided by law, on all deposits of public
moneys amounting to one thousand dollars or more made by a state, local
or other public officer or employee for or on behalf of the state or the
county, city, town, village, school district or other public
instrumentality or for or on behalf of any pension system or fund
maintained by law for any of the employees of the state, county, city,
town, village, school district or other public instrumentality, as the
case may be, to which such moneys belong. Within twenty days after this
section takes effect and, in the case of public officers or employees
hereafter elected or appointed within twenty days after entering upon
the duties of his office or employment, every public officer or employee
charged with the care and custody of public moneys and/or of moneys
entrusted to his care and custody by virtue of his office or employment
shall agree with the depositary thereof upon the rate of interest to be
paid thereon and such rate of interest shall thereupon and thereafter be
paid by said depositary at such time or times as shall be agreed upon.
All interest on such deposits shall be accounted for by the depositing
officer or employee in the same manner as other moneys received by such
officer or employee by virtue of his office or employment.

Nothing contained in this section or in any other general or special
law shall authorize, enable or require any state, local or other public
officer or employee, to demand or require of any banking corporation or
private banker, any agreement to pay, or payment of, interest upon any
deposit of public moneys or any deposit made for or on behalf of the
state or the county, city, town, village, school district or other
public instrumentality, board, agency or authority, or for or on behalf
of any pension system or fund maintained by law for any of the employees
of the state, county, city, town, village, school district or other
public board, agency, instrumentality or authority, as the case may be,
if payment of interest upon any such deposit is at the time prohibited
by state or federal law or by any regulation of either the
superintendent of financial services of this state, or of the board of
governors of the federal reserve system, or of the board of directors of
the Federal Deposit Insurance Corporation.