SB60 Alabama 2018 Session

Updated Feb 26, 2026

Low Interest

Summary

Primary Sponsor: Clay Scofield
Republican
Session: Regular Session 2018
Title: Co. commissions, bank depository, requirement to select in December of each year deleted, Sec. 11-4-41 am'd.
Summary: SB 60 lets Alabama county commissions choose their county depository at any time during the year, instead of only by December, for the next calendar year.
What This Bill Does
It changes the deadline in Section 11-4-41 so counties can select a county depository at any time during the year. The selection must be a qualified public depository under Chapter 14A of Title 41, and where allowed by law, counties should pick the depository or depositories with the highest interest rate on daily balances. This gives counties more flexibility in placing their funds for the following year. The bill becomes effective immediately after the governor signs it.

Who It Affects
County commissions and county financial officers, who gain flexibility to pick a depository at any time during the year.
Banks and other qualified public depositories, which may bid to be chosen as the county depository and must compete for county deposits, with counties considering interest rates where permitted by law.

Key Provisions
Deletes the December deadline and allows selection of a county depository at any time during the year.
Requires the selected depository to be a qualified public depository under Chapter 14A of Title 41.
Where permitted by law, requires selecting depositories that offer the highest rate of interest on daily balances.
Effective immediately upon the 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