TITLE 35
Public Finance
CHAPTER 35-4
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.)