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TITLE 5. LOCAL AGENCIES 50001-57550›DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES 53000-55821›PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES 53000-54999.7›CHAPTER 4. Financial Affairs 53600-53997›ARTICLE 2. Deposit of Funds 53630-53686

§ 53645

California Government Code · 2018-11 edition · updated 2026-10-04 · California

Interest shall be computed and paid by the depository, as follows:

(a) For active deposits upon which interest is payable, interest shall be computed on the average daily balance for the calendar quarter, and shall be paid quarterly.

(b) For inactive deposits, interest shall be computed on a 360-day basis, and shall be paid quarterly.

(Amended by Stats. 1992, Ch. 523, Sec. 5.3. Effective January 1, 1993.)

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California Government Code

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