Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-10 - Rating Requirements to Be a Permitted Depository
Section R628-10-4 - Rating Requirements for Permitted Depositories
Universal Citation: UT Admin Code R 628-10-4
Current through Bulletin 2024-06, March 15, 2024
(1) The Permitted depository must meet the following criteria to accept deposits from Utah public entities:
(a) The deposits must be federally insured;
(b) the total assets of the
Permitted depository must equal $5 billion or more as of December 31 of the
preceding year, and;
(c) fixed
rate negotiable deposits which meet the criteria of Section
51-7-11(3)(f)
must, at the time of investment, have the equivalent of an "A" or better short
term rating by at least two NRSRO's, or:
(d) variable rate negotiable deposits which
meet the criteria of Section
51-7-11(3)(m)
must, at the time of investment, have the equivalent of an "A" or better, long
term rating, by at least two NRSRO's.
(2) Permitted depository institutions whose ratings drop below the minimum ratings established in R628-10-4(1). above, are no longer eligible to accept new deposits of Utah public funds. Outstanding deposits may be held to maturity, but may not be renewed and no additional deposits may be made by any public treasurer.
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