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 R628-22-5 - General Rule
Universal Citation: UT Admin Code R 628-22-5
Current through Bulletin 2024-06, March 15, 2024
(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.
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