23 Miss. Code. R. 103-4.17 - Government Bonds/US Securities

A. General.

1. A government bond, distinct from a US Savings Bond, is a transferable obligation issued or backed by the federal government.

2. Examples are:

a) Treasury Bills are short-term obligations that require a minimum investment of $10,000 and can be sold before maturity.

b) Treasury Notes and Bonds are similar to T-Bills but they have longer maturities and lower minimum investment requirements. They have been registered in book form since July 1986, but were sometimes issued as bearer bonds before then.

c) TIGER (Treasury Investors Growth Receipt) and CATS (Certificate of Accrual on Treasury Securities) are government securities issued with a zero coupon concept and can be sold before maturity. y.

d) Some Federal Agencies have charters to issue securities known as Federal Agency Securities. Minimum investments range from $1,000 to $25,000. Some of these federal agencies are: the Federal Home Loan Bank Board, Federal Home Loan Mortgage Corporation (FREDDIE MAC), the Export-Import Bank and the Government National Mortgage Association (GINNIE MAE).

B. Treatment.

1. The government securities discussed above are countable resources.

2. Ownership is determined from the receipt of purchase.

3. The value is determined from the issuer and counts as a resource.

Notes

23 Miss. Code. R. 103-4.17

Social Security Act §1902 (r) (2); 42 CFR §435.601(b) (Rev 1994).