2009 Louisiana Laws TITLE 13 Courts and judicial procedure :: RS 13:474.1 Judicial depository

§474.1.  Judicial depository

A.  The bank or banks so designated as fiscal agent for such funds shall furnish adequate security, satisfactory to the judges, to secure the return and payment of any such deposited funds.

B.  It shall be the duty of the judges to endeavor to receive interest on all monies so deposited, and if, for any reason, the fiscal agent, or agents, so designated are unable or unwilling to pay interest on such deposit, the judges of the district court are hereby authorized to purchase certificates of deposit, and/or other forms of certificates of indebtedness bearing interest, or they may purchase short-term United States bonds, treasury notes, or certificates.

C.  Any and all interest received on all such monies so deposited, or from any certificates of deposit, certificates of indebtedness, or United States bonds, treasury notes, or certificates, shall be distributed in the following manner:

(1)  One-half of all interest so received, as received, shall be transferred to and shall form part of the Consolidated Judicial Expense Fund for the Forty-First Judicial District Court, in reimbursement and payment for the services rendered in administering said "registry of the court" fund by the judges, clerk, and other employees whose salaries are paid out of the fund.

(2)  The ultimate recipient of any of said funds so deposited in the registry of the court shall receive interest on such sum received by him, to be calculated on the following basis, to wit:

(a)  The rate of interest per annum to be paid such recipient shall be one-half of the average interest rate received from the fiscal agent and/or from certificates of deposit, certificates of indebtedness, United States government bonds, treasury notes, or certificates, during the period that the funds being disbursed were on deposit in the registry of the court.

(b)  Interest shall be paid such recipient on the same percentage of such sum he receives as the total amount of such registry funds invested with interest bears to the total of such funds held in the registry of the court during the preceding year.

(c)  In determining the amount of such registry funds invested with interest, and the total of such funds held in the registry of the court, as provided in Subparagraph (b) of this Paragraph, the basis for such determination shall be the average daily balance of the total funds invested and the average daily balances of the total funds held in the registry of the court fund during the period that the funds being disbursed were on deposit in the registry of the court fund.

D.  In the event it becomes necessary to disburse funds which have been deposited in the registry of the Consolidated Judicial Expense Fund, in accordance with a duly rendered court order, in excess of the amount held by the fiscal agent of the fund, in its noninterest bearing account, the presiding judge or the acting chief judge of the Forty-First Judicial District Court, on an order issued by the majority of the judges of the district court, sitting en banc, shall have the authority to borrow such funds so needed for disbursal from the fiscal agent, or others, at the then prevailing interest rate for loans of this character, using as collateral to secure any such loan an amount of bonds, or certificates of deposit, or certificates of indebtedness in which funds have been invested, and, if required so to do by any such lending agency, to execute any note or other form of agreement to repay such loan.

Acts 2006, No. 621, §2, eff. Jan. 1, 2009.