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§35-4-4.4  State Linked Deposit Policy – Exceptions. –

Published: 2015

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Public Finance


State Funds

SECTION 35-4-4.4

   § 35-4-4.4  State Linked Deposit Policy

– Exceptions. –

(a) Nothing in §§ 35-4-4.1 – 35-4-4.6 shall be construed as to

require the state, or its agencies and instrumentalities, to liquidate existing

funds on deposit prior to their maturity date(s) in order to comply with

§§ 35-4-4.1 – 35-4-4.6.

   (b) Sections 35-4-4.1 – 35-4-4.6 are not applicable with

respect to funds on deposit that were received from the proceeds of either bond

or note offerings that have received ratings from at least one national credit

rating service of at least A-1 or MIG 1 with respect to short-term borrowings

or A with respect to long-term borrowings. In determining which financial

institutions shall hold these investments, preference shall be given to those

financial institutions that have achieved an "outstanding" CRA rating.

History of Section.

(P.L. 1992, ch. 175, § 1.)