§ 698.29. Deposits
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 55 P.S. Navigation
55 P.S. § 698.29
§ 698.29. Deposits
(2) Any bond, debenture, note, participation certificate or other similar obligation issued by any one or combination of the following agencies: Government National Mortgage Corporation, Federal Land Banks, Federal Home Loan Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, Tennessee Valley Authority, United States Postal Service, Farmers Home Association, the Student Loan Marketing Association and Export-Import Bank of the United States.
(3) Any bond, debenture, note, participation certificate or other similar obligation issued by the Federal National Mortgage Corporation to the extent such obligations are guaranteed by the Government National Mortgage Corporation or issued by any other Federal agency and backed by the full faith and credit of the United States.
(4) Deposits in interest-bearing time or demand deposits or certificates of deposit, fully insured by the Federal Deposit Insurance Corporation, or its successors, or the Federal Savings and Loan Insurance Corporation, or its successors, or fully secured to the extent not so insured by any of the obligations described in paragraphs (1), (2) and (3) which have at all times an aggregate market value exclusive of accrued interest at least equal to the balance on deposit.
(iii) insurance companies rated A+ or better by Best's and having a net capital and surplus of at least $25,000,000 or certificates of deposit with such banks or trust companies fully secured as to principal and accrued interest by obligations described in paragraphs (1) through (4) deposited with or subject to the control of the commission.
(d) Procedure.--The description of authorized investments in subsection (c)(5) and (6) shall only be met if the agreements referenced therein provide for the repayment of the principal amount invested at an amount not less than that so invested. Whenever security is required as set forth in subsection (c)(4) through (6), such security shall be deposited with the treasurer of the commission or be held by a trustee or agent satisfactory to the commission. Moneys of the commission shall be paid out on the warrant or other order of the chairman of the commission or of such other person or persons as the commission may authorize to execute such warrants or orders.
Credits
1992, Dec. 14, P.L. 818, No. 133, § 9, imd. effective.
55 P.S. § 698.29, PA ST 55 P.S. § 698.29
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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