SB356 Alabama 2017 Session

Updated Feb 27, 2026

Low Interest

Summary

Primary Sponsor: Clay Scofield
Republican
Session: Regular Session 2017
Title: Co. commissions, bank depository, requirement to select in December of each year deleted, Sec. 11-4-41 am'd.
Summary: The bill lets Alabama county commissions pick their county depository at any time during the year instead of only by the December deadline.
What This Bill Does
It amends Section 11-4-41 to allow a county commission to select a county depository at any time during the year for placing county funds for the following calendar year. It keeps the rule that the county should choose a qualified public depository that offers the highest interest rate on daily balances, where allowed by law. The act takes effect immediately after the governor signs it into law.

Who It Affects
County commissions and county finance officials, who gain flexibility to choose or change the county depository at any time during the year.
Qualified public depositories (banks and similar institutions), which may have more opportunities to compete for county funds throughout the year and must meet the requirement to offer the highest interest rate on daily balances when selected.

Key Provisions
Year-round selection: removes the December deadline and allows a county to select the county depository at any time during the year for the following calendar year.
Interest-rate selection and effectiveness: requires selection of a qualified public depository or depositories that offer the highest rate of interest on daily balances, where permitted by law, and states the act becomes effective immediately after governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: County Commissions