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

Universal Citation: UT Admin Code R 628-22-4

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.

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