Section 16503 Of Article 1. General From California Government Code >> Division 4. >> Title 2. >> Part 2. >> Chapter 4. >> Article 1.

. Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited:
  (a) As time deposits, and the rates of interest to be received.
  (b) As demand deposits, and the rates of interest to be received, if any.