R628-22-4. Definitions

Latest version.

  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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