Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-22 - Conditions and Procedures for the Use of Negotiable Brokered Certificates of Deposit
Section R628-22-4 - Definitions
Current through Bulletin 2024-06, March 15, 2024
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.