Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS
Subchapter 2.59.4 - Credit Unions
Rule 2.59.420 - GENERAL OBLIGATION BONDS
Universal Citation: MT Admin Rules 2.59.420
Current through Register Vol. 18, September 20, 2024
(1) A credit union may invest, without dollar limitation, in the general obligations of:
(a) any state of the United States if the
obligations are fully guaranteed as to the repayment of principal and interest.
Evidence of a full guarantee includes, but is not limited to, the pledge of the
full faith and credit of the state responsible for repayment of the general
obligation; and
(b) any Montana
political subdivision if:
(i) the obligations
are issued pursuant to the Constitution, statute, or the charter or ordinances
of the respective county or city;
(ii) the obligations are fully guaranteed as
to the repayment of principal and interest. Evidence of a full guarantee
includes, but is not limited to, the pledge of the full faith and credit of the
Montana political subdivision responsible for repayment of the general
obligation; and
(iii) the issuing
body has not been in default regarding the payment of principal or interest on
any of its obligations within five years preceding the date of the
investment.
AUTH: 32-3-701, MCA; IMP: 32-3-701, MCA
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