Utah Admin. Code R628-22-5 - General Rule
(1) A public
treasurer may invest public funds in negotiable brokered certificates of
deposit only through a certified investment adviser or a certified broker
dealer. These negotiable certificates of deposit shall be:
(a) limited to a maximum maturity of five
years from the time of purchase settlement;
(b) limited to a purchased par value not to
exceed 97% of the stated applicable federal deposit insurance limit per each
financial institution at the time of purchase; and
(c) limited to purchases where the purchase
price does not exceed par.
(2) The public treasurer shall ensure that
there is no overlap of purchased certificates of deposits in other deposit
accounts of the financial institution when purchasing brokered certificates of
deposit that would cause the public entity to exceed the applicable federal
deposit insurance limit.
Notes
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