Notwithstanding any other provision in this article except Section 53652, the treasurer may deposit moneys in and enter into contracts with any depository, as defined in subdivision (c) of Section 53630, for services to be rendered by that depository that in the treasurer's judgment are to the public advantage. One copy of each contract entered into under this section shall be filed with the auditor or corresponding officer of the local agency. The contract shall:
(a) Fix the duration of compensating deposits, if any.
(b) Fix the interest rate of that compensating deposit, if any.
(c) Specify the services to be rendered by the depository.
(d) Indicate whether the depository shall bear the expenses of transportation of the money to and from the depository.
(e) Fix the consideration payable by the agency for such services. Specify who may deposit moneys into the treasurer's active account and how those persons are to make those deposits.
(Amended by Stats. 1994, Ch. 705, Sec. 11.)