3310

Deposits in depositories shall be divided into two classes to be known as active and inactive. A depository may be designated as a depository of both classes. All Virgin Islands government funds, and federal funds to be utilized by the government of the United States Virgin Islands pursuant to the Revised Organic Act of the Virgin Islands, deposited in active deposits in a depository are subject to withdrawal by the Commissioner of Finance upon demand and no interest shall accrue on these deposits. All governmental funds and federal funds to be utilized by the government of the Virgin Islands pursuant to the Revised Organic Act of the Virgin Islands, not required to meet the government's current disbursements shall be deposited in inactive deposits in depositories and interest shall accrue on these deposits at a rate of not less than one-twentieth of one per cent. It is the intent of the Legislature that the interest rates on inactive deposits shall be determined by the Governor from time to time, in accordance with the current rates of interest paid on similar types of deposits on state and local government funds in the continental United States and/or the average yield of United

ime to time, in accordance with the current rates of interest paid on similar types of deposits on state and local government funds in the continental United States and/or the average yield of United States treasury bills over the six month interest period.