Utah Admin. Code R628-22-4 - Definitions

Current through Bulletin No. 2021-18, September 15, 2021

For purposes of this rule the following terms are defined in Section 51-7-3 of the Act and when used in this rule have the same meaning as in the Act:

(1) Council;
(2) Public funds;
(3) Public treasurer;
(4) Certified dealer, and
(5) Certified investment adviser.

"Negotiable brokered certificate of deposit" means: a certificate of deposit issued by a financial institution that is guaranteed by the applicable federal deposit insurance limit and that can be sold in a secondary market, but cannot be cashed in before maturity.

"Step up" negotiable brokered certificates of deposit means: the interest rate automatically increases at specified intervals.

"LIBOR" means: London Interbank Offered Rate, which is a benchmark interest rate or LIBOR's subsequent replacement.

Notes

Utah Admin. Code R628-22-4
Adopted by Utah State Bulletin Number 2019-17, effective 8/7/2019

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