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73 P.S. § 400.2504 Deposits
Library | Pennsylvania Statutes |
Edition | 2023 |
Currency | Current through P.A. Acts 2023-27 |
Year | 2023 |
Citation | 73 P.S. § 400.2504 |
(a) Special accounts.-- Money appropriated to the program may be deposited by the authority in banks or trust companies in special accounts.
(1) Funds in the special accounts may be prudently invested in:
(i) Obligations of the United States Government, its agencies and instrumentalities, which have a liquid market with a readily determinable market value.
(ii) Certificates of deposit and other evidences of deposit at financial institutions, bankers' acceptances and commercial paper rated in the highest tier (for example, A1, P1, F1 or D1 or higher) by a nationally recognized rating agency.
(iii) Obligations of state and local governments and of public authorities, which obligations are rated in one of the top three rating categories by a nationally recognized rating agency.
(iv) Repurchase agreements whose underlying purchased securities consist of the foregoing.
(v) Money market funds regulated by the Securities and Exchange Commission having aggregate assets of at least $50,000,000 on the date of investment and whose portfolio may consist only of dollar-denominated securities.
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