Utah Admin. Code R628-13-4 - Definitions
A. Deposits means
balances due to persons having an account at the qualified depository
institution whether in the form of a transaction account, savings account,
share account, or certificate of deposit and repurchase agreements, unless the
repurchase agreement contract and confirmation fully meet the FDIC criteria as
described in 12 CFR Part 360. Qualifying repurchase agreements as defined in
Section
51-7-3 are
not deposits of a qualified depository institution.
B. Designated trustee means the trustee
selected to serve as the agent of the State Treasurer to hold and administer
collateral security pledged for public funds.
C. Eligible collateral means obligations of
or fully guaranteed by the United States or its agencies as to principal and
interest, a segregated earmarked deposit account, or notes, drafts, bills of
exchange or bankers' acceptances that are eligible for rediscount or purchase
by a federal reserve bank, obligations of the State of Utah or any of its
political subdivisions, and readily marketable bonds, notes or
debentures.
D. Excess deposit means
that portion of the public funds held on deposit with a qualified depository by
public treasurers which exceeds the most recently adopted maximum amount of
public funds allowed pursuant to the Money Management Act and the rules of the
Money Management Council as of the effective date of an order issued by the
Commissioner of Financial Institutions pursuant to Section
51-7-18.1(6).
E. Market value means the bid or closing
price listed for financial instruments in a regularly published listing or an
electronic reporting service or, in the case of obligations which are not
regularly traded, the bid price received from at least one registered
securities broker/dealer.
F.
Readily marketable bonds, notes or debentures means obligations in the form of
a bond, note, or debenture rated in one of the three highest ratings of a
nationally recognized rating agency; it does not include investments which are
predominantly speculative in nature.
Notes
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