| 18 | | - | (3) "Eligible collateral" means [(A) United States treasury bills, notes and bonds, (B) United States government agency securities, (C) United States agency variable-rate securities, (D) mortgage pass-through or participation certificates or similar securities, (E) performing one-to-four-family residential mortgage loans that meet the following criteria: (i) The mortgage loan has a loan-to-value ratio which is less than or equal to eighty per cent for loans without private mortgage insurance, or a loan-to-value ratio which is less than or equal to ninety-five per cent for loans with private mortgage insurance; and (ii) the mortgage loan has a payment history of not more than one payment over thirty days in arrears during the past twelve consecutive months or, if the loan has a payment history of less than twelve months in duration, the loan meets the documentation requirements of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; provided, in the case of a subsequent default under any such mortgage loan that continues uncured for more than sixty days, such loan shall no longer qualify as eligible collateral and shall be replaced by a performing mortgage loan that meets the criteria set forth in this subdivision, and (F) state and municipal bonds;] the following investments for which prices or values are quoted or readily available: (A) General obligations that are guaranteed fully as to principal and interest by the United States or this state or for which the full faith and credit of the United States or this state is pledged for the payment of principal and interest; (B) general obligations of any agency of the United States, including government sponsored enterprises, which are not guaranteed fully as to principal and interest by the United States or for which the full faith and credit of the United States is not pledged for the payment of principal and interest; (C) mortgage pass-through or participation certificates or similar securities that have been issued or guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association; (D) general obligations of municipalities and states other than this state that are rated in the three highest rating categories by a rating agency recognized by the commissioner; and (E) revenue obligations for essential services, including education, transportation, emergency, water and sewer services of municipalities and states that are rated in the three highest rating categories by a rating agency recognized by the commissioner and that are determined to be a prudent investment by the governing board of the qualified public depository, by a management committee or board committee appointed by such governing board or by an officer appointed by such governing board, management committee or board committee; |
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| 30 | + | (3) "Eligible collateral" means [(A) United States treasury bills, notes and bonds, (B) United States government agency securities, (C) United States agency variable-rate securities, (D) mortgage pass-through or participation certificates or similar securities, (E) performing one-to-four-family residential mortgage loans that meet the following criteria: (i) The mortgage loan has a loan-to-value ratio which is less than or equal to eighty per cent for loans without private mortgage insurance, or a loan-to-value ratio which is less than or equal to ninety-five per cent for loans with private mortgage insurance; and (ii) the mortgage loan has a payment history of not more than one payment over thirty days in arrears during the past twelve consecutive months or, if the loan has a payment history of less than twelve months in duration, the loan meets the documentation requirements of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; provided, in the case of a subsequent default under any such mortgage loan that continues uncured for more than sixty days, such loan shall no longer qualify as eligible collateral and shall be replaced by a performing mortgage loan that meets the criteria set forth in this subdivision, and (F) state and municipal bonds] the following investments for which prices or values are quoted or readily available: (A) General obligations that are guaranteed fully as to principal and interest by the United States or this state or for which the full faith and credit of the United States or this state is pledged for the payment of principal and interest; (B) general obligations of any agency of the United States, including government sponsored enterprises, which are not guaranteed fully as to principal and interest by the United States or for which the full faith and credit of the United States is not pledged for the payment of principal and interest; (C) mortgage pass-through or participation certificates or similar securities that have been issued or guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association; (D) general obligations of municipalities and states other than this state that are rated in the three highest rating categories by a rating agency recognized by the commissioner; and (E) revenue obligations for essential services, including education, transportation, emergency, water and sewer services of municipalities and states that are rated in the three highest rating categories by a rating agency recognized by the commissioner and that are determined to be a prudent investment by the governing board of the qualified public depository, by a management committee or board committee appointed by such governing board or by an officer appointed by such governing board, management committee or board committee; |
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| 22 | | - | [(a) To secure public deposits, each qualified public depository shall at all times maintain, segregated from its other assets as provided in subsection (b) of this section, eligible collateral in an amount at least equal to the following percentage of uninsured public deposits held by the depository: (1) For any qualified public depository having a risk-based capital ratio of ten per cent or greater, a sum equal to ten per cent of all uninsured public deposits held by the depository; (2) for any qualified public depository having a risk-based capital ratio of less than ten per cent but greater than or equal to eight per cent, a sum equal to twenty-five per cent of all uninsured public deposits held by the depository; (3) for any qualified public depository having a risk-based capital ratio of less than eight per cent but greater than or equal to three per cent, a sum equal to one hundred per cent of all uninsured public deposits held by the depository; (4) for any qualified public depository having a risk-based capital ratio of less than three per cent, and, notwithstanding the provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository which has been conducting business in this state for a period of less than two years except for a qualified public depository that is a successor institution to a qualified public depository which conducted business in this state for two years or more, a sum equal to one hundred twenty per cent of all uninsured public deposits held by the depository; provided, the qualified public depository and the public depositor may agree on an amount of eligible collateral to be maintained by the depository that is greater than the minimum amounts required under subdivisions (1) to (4), inclusive, of this subsection; (5) notwithstanding the risk-based capital ratio provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository that is an uninsured bank, a sum equal to one hundred twenty per cent of all public deposits held by the depository; and (6) notwithstanding the risk-based capital ratio provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository that is subject to an order to cease and desist, consent order or a preliminary warning letter, or has entered into a stipulation and agreement, memorandum of understanding or a letter of understanding and agreement with a bank or credit union supervisor, a sum equal to one hundred twenty per cent of all uninsured public deposits held by the depository, or, in the case of such a qualified public depository that satisfies the requirements of subsection (f) of this section, a sum equal to one hundred per cent of all uninsured public deposits held by the depository.] |
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| 23 | | - | |
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| 24 | | - | (a) (1) To secure public deposits, each qualified public depository that is not under a formal regulatory order shall at all times maintain, segregated from its other assets as provided in subsection (b) of this section, eligible collateral in an amount not less than twenty-five per cent of all uninsured public deposits held by the depository, provided if such depository: (A) Is a bank or out-of-state bank having a tier one leverage ratio of not less than six per cent and a risk-based capital ratio of not less than twelve per cent, or is a credit union or federal credit union having a net worth ratio of not less than eight per cent, the amount of eligible collateral shall be a sum not less than ten per cent of all uninsured deposits held by the depository; or (B) is a bank or out-of-state bank having a tier one leverage ratio of less than five per cent or a risk-based capital ratio of less than ten per cent, or is a credit union or federal credit union having a net worth ratio of less than seven per cent, the amount of eligible collateral shall be not less than a sum equal to one hundred ten per cent of all uninsured public deposits held by the depository. |
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| 34 | + | (a) To secure public deposits, each qualified public depository that is not under a formal regulatory order shall at all times maintain, segregated from its other assets as provided in subsection (b) of this section, eligible collateral in an amount at least equal to the following percentage of all uninsured public deposits held by the depository: [(1)] (A) For any [qualified public] depository that is a bank or out-of-state bank having a tier one leverage ratio of six per cent or greater and a risk-based capital ratio of [ten] twelve per cent or greater, and for any depository that is a credit union or federal credit union having a net worth ratio of eight per cent or greater, a sum equal to ten per cent; [of all uninsured public deposits held by the depository; (2)] (B) for any [qualified public] depository that is a bank or out-of-state bank having a tier one leverage ratio of less than six per cent but greater than or equal to five per cent and a risk-based capital ratio of less than [ten] twelve per cent but greater than or equal to [eight] ten per cent, and for any depository that is a credit union or federal credit union having a net worth ratio of less than eight per cent but greater than or equal to seven per cent, a sum equal to twenty-five per cent; [of all uninsured public deposits held by the depository; (3)] (C) for any [qualified public] depository that is a bank or out-of-state bank having a tier one leverage ratio of less than five per cent and a risk-based capital ratio of less than [eight] ten per cent [but greater than or equal to three per cent] and for any depository that is a credit union or federal credit union having a net worth ratio of less than seven per cent, a sum equal to one hundred ten per cent. [of all uninsured public deposits held by the depository; (4) for any qualified public depository having a risk-based capital ratio of less than three per cent, and, notwithstanding the provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository which has been conducting business in this state for a period of less than two years except for a qualified public depository that is a successor institution to a qualified public depository which conducted business in this state for two years or more, a sum equal to one hundred twenty per cent of all uninsured public deposits held by the depository; provided, the qualified public depository and the public depositor may agree on an amount of eligible collateral to be maintained by the depository that is greater than the minimum amounts required under subdivisions (1) to (4), inclusive, of this subsection; (5) notwithstanding the risk-based capital ratio provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository that is an uninsured bank, a sum equal to one hundred twenty per cent of all public deposits held by the depository; and (6) notwithstanding the risk-based capital ratio provisions of subdivisions (1) to (3), inclusive, of this subsection, for any qualified public depository that is subject to an order to cease and desist, consent order or a preliminary warning letter, or has entered into a stipulation and agreement, memorandum of understanding or a letter of understanding and agreement with a bank or credit union supervisor, a sum equal to one hundred twenty per cent of all uninsured public deposits held by the depository, or, in the case of such a qualified public depository that satisfies the requirements of subsection (f) of this section, a sum equal to one hundred per cent of all uninsured public deposits held by the depository.] |
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| 29 | 39 | | |
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| 30 | 40 | | (4) Notwithstanding the provisions of this subsection, the qualified public depository and the public depositor may agree on an amount of eligible collateral to be maintained by the depository that is greater than the minimum amounts required under [subdivisions (1) to (6), inclusive,] subdivision (1) or (3) of this subsection, as applicable. For purposes of this subsection, the amount of all uninsured public deposits held by the depository shall be determined at the close of business on the day of receipt of any public deposit and any deficiency in the amount of eligible collateral required under this section shall be cured not later than the close of business on the following business day. For purposes of this subsection, the depository's tier one leverage ratio and risk-based capital ratio or net worth ratio shall be determined, in accordance with applicable federal regulations and regulations adopted by the commissioner in accordance with chapter 54, based on the most recent quarterly call report, provided [(A)] if, during any calendar quarter after the issuance of such report, the depository experiences a decline in its tier one leverage ratio, risk-based capital ratio or net worth ratio to a level that would require the depository to maintain a higher amount of eligible collateral under [subdivisions (1) to (4), inclusive, or subdivision (6)] subdivision (1) or (3) of this subsection, the depository shall increase the amount of eligible collateral maintained by it to the minimum required under [subdivisions (1) to (4), inclusive, or subdivision (6)] subdivision (1) or (3) of this subsection, as applicable, based on such lower tier one leverage ratio, risk-based capital ratio or net worth ratio and shall notify the commissioner of its actions. [; and (B) if, during any calendar quarter after the issuance of such report, the commissioner reasonably determines that the depository's risk-based capital ratio is likely to decline to a level that would require the depository to maintain a higher amount of eligible collateral under subdivisions (1) to (4), inclusive, or subdivision (6) of this subsection, the commissioner may require that the depository increase the amount of eligible collateral maintained by it to the minimum required under subdivisions (1) to (4), inclusive, or subdivision (6) of this subsection, as applicable, based on the commissioner's determination of such lower risk-based capital ratio. For purposes of determining the minimum market value of the eligible collateral under subsection (e) of this section, a qualified public depository shall apply the collateral ratio using uninsured public deposits.] The commissioner may, at any time, require the depository to increase its eligible collateral to an amount greater than that required by subdivision (1) or (3) of this subsection, as applicable, up to a maximum amount of one hundred twenty per cent, if the commissioner reasonably determines that such increase is necessary for the protection of public deposits. If the commissioner determines that such increase in eligible collateral is no longer necessary for the protection of public deposits, the commissioner may allow the depository to adjust the amount downward, as the circumstances warrant, to an amount not less than the minimum amount required by subdivision (1) or (3) of this subsection, as applicable. |
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| 31 | 41 | | |
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| 32 | 42 | | (5) For purposes of this subsection, "formal regulatory order" means a written agreement related to enforcement, including a letter of understanding or agreement or a written order, that a supervisory agency is required to publish or publishes on its web site, but does not include any written agreement or written order under which the sole obligation of the depository is to pay a civil money penalty, fine or restitution. |
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| 33 | 43 | | |
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| 34 | 44 | | (b) Each qualified public depository that is a bank or out-of-state bank having a tier one leverage ratio of five per cent or greater or a risk-based capital ratio of [eight] ten per cent or greater shall transfer eligible collateral maintained under subsection (a) of this section to its own trust department, provided such trust department is located in this state unless the commissioner approves otherwise, to the trust department of another financial institution, provided such eligible collateral shall be maintained in such other financial institution's trust department located in this state unless the commissioner approves otherwise, or to a federal reserve bank or federal home loan bank. Each qualified public depository that is a bank or out-of-state bank having a tier one leverage ratio of less than five per cent or a risk-based capital ratio of less than [eight] ten per cent and each qualified public depository that is a credit union or federal credit union shall transfer eligible collateral maintained under subsection (a) of this section to the trust department of a financial institution that is not owned or controlled by the depository or by a holding company owning or controlling the depository, provided such eligible collateral shall be maintained in such other financial institution's trust department located in this state unless the commissioner approves otherwise, or to a federal reserve bank or federal home loan bank. Such transfers of eligible collateral shall be made in a manner prescribed by the commissioner. [Eligible collateral shall be valued at market value or as determined by the commissioner if market value is not readily determinable, and the] The qualified public depository shall determine and adjust the market value of such eligible collateral [shall be determined and adjusted on a quarterly] on a monthly basis. Without the requirement of any further action, the commissioner shall have, for the benefit of public depositors, a perfected security interest in all such eligible collateral held in such segregated trust accounts, granted pursuant to and in accordance with the terms of the agreement between the public depositor and the qualified public depository. Such security interest shall have priority over all other perfected security interests and liens. The commissioner may, at any time, require the depository to value the collateral more frequently than monthly if the commissioner reasonably determines that such valuation is necessary for the protection of public deposits. Each holder of eligible collateral shall file with the commissioner, at the end of each calendar quarter, a report with the CUSIP number, description and par value of each investment it holds as eligible collateral. |
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| 35 | 45 | | |
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| 36 | 46 | | (c) The depository shall have the right to make substitutions of eligible collateral at any time without notice. The depository shall have the right to reduce the amount of eligible collateral maintained by it that is in excess of the amount required under subsection (a) of this section. [provided such reduction shall be determined based on the amount of all uninsured public deposits held by the depository and the depository's risk-based capital ratio as determined in accordance with said subsection (a). The depository shall provide written notice to its public depositors of any such reduction in the amount of eligible collateral maintained under subsection (a) of this section.] |
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| 37 | 47 | | |
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| 38 | 48 | | [(d)] The income from the assets which constitute segregated eligible collateral shall belong to the depository without restriction. |
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| 39 | 49 | | |
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| 40 | 50 | | [(e) Eligible collateral pledged to secure public deposits under subsection (a) of this section shall have a minimum market value as expressed in the following collateral ratios: |
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| 41 | 51 | | |
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| 42 | 52 | | |
|---|
| 43 | 53 | | |
|---|
| 44 | 54 | | |
|---|
| 45 | 55 | | T1 Collateral Ratio |
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| 46 | 56 | | T2 Form of Eligible (Market value |
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| 47 | 57 | | T3 Collateral Pledged divided by public |
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| 48 | 58 | | T4 deposit plus |
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| 49 | 59 | | T5 accrued interest) |
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| 50 | 60 | | T6 1.United States Treasury bills, notes and bonds |
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| 51 | 61 | | T7 A.Maturing in less than one year 102% |
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| 52 | 62 | | T8 B.Maturing in one to five years 105% |
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| 53 | 63 | | T9 C.Maturing in more than five years 110% |
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| 54 | 64 | | T10 D.Zero-coupon treasury securities with |
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| 55 | 65 | | T11 maturities exceeding ten years 120% |
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| 56 | 66 | | T12 2.Actively traded United States government |
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| 57 | 67 | | T13 agency securities |
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| 58 | 68 | | T14 A.Maturing in less than one year 103% |
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| 59 | 69 | | T15 B.Maturing in one to five years 107% |
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| 60 | 70 | | T16 C.Maturing in more than five years 115% |
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| 61 | 71 | | T17 3. United States government agency |
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| 62 | 72 | | T18 variable rate securities 103% |
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| 63 | 73 | | T19 4.Government National Mortgage Association |
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| 64 | 74 | | T20 mortgage pass-through or participation |
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| 65 | 75 | | T21 certificates or similar securities |
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| 66 | 76 | | T22 A.Current issues 115% |
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| 67 | 77 | | T23 B.Older issues 120% |
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| 68 | 78 | | T24 C.Issues for which prices are not quoted 125% |
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| 69 | 79 | | T25 5.Other United States government securities 125% |
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| 70 | 80 | | T26 6.Other mortgage pass-through or participation |
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| 71 | 81 | | T27 certificates or similar securities 125% |
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| 72 | 82 | | T28 7.One-to-four family residential mortgages 125% |
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| 73 | 83 | | T29 8.State and municipal bonds |
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| 74 | 84 | | T30 A.General obligation bonds |
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| 75 | 85 | | T31 i.Maturing in less than one year 102% |
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| 76 | 86 | | T32 ii.Maturing in one to five years 107% |
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| 77 | 87 | | T33 iii.Maturing in more than five years 110% |
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| 78 | 88 | | T34 B.Revenue bonds |
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| 79 | 89 | | T35 i.Maturing in less than one year 105-110% |
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| 80 | 90 | | T36 ii.Maturing in one to five years 110-120% |
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| 81 | 91 | | T37 iii.Maturing in more than five years 120-130% |
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| 82 | 92 | | |
|---|
| 83 | 93 | | T1 |
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| 84 | 94 | | |
|---|
| 85 | 95 | | Collateral Ratio |
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| 86 | 96 | | |
|---|
| 87 | 97 | | T2 |
|---|
| 88 | 98 | | |
|---|
| 89 | 99 | | Form of Eligible |
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| 90 | 100 | | |
|---|
| 91 | 101 | | (Market value |
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| 92 | 102 | | |
|---|
| 93 | 103 | | T3 |
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| 94 | 104 | | |
|---|
| 95 | 105 | | Collateral Pledged |
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| 96 | 106 | | |
|---|
| 97 | 107 | | divided by public |
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| 98 | 108 | | |
|---|
| 99 | 109 | | T4 |
|---|
| 100 | 110 | | |
|---|
| 101 | 111 | | deposit plus |
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| 102 | 112 | | |
|---|
| 103 | 113 | | T5 |
|---|
| 104 | 114 | | |
|---|
| 105 | 115 | | accrued interest) |
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| 106 | 116 | | |
|---|
| 107 | 117 | | T6 |
|---|
| 108 | 118 | | |
|---|
| 109 | 119 | | 1.United States Treasury bills, notes and bonds |
|---|
| 110 | 120 | | |
|---|
| 111 | 121 | | T7 |
|---|
| 112 | 122 | | |
|---|
| 113 | 123 | | A.Maturing in less than one year |
|---|
| 114 | 124 | | |
|---|
| 115 | 125 | | 102% |
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| 116 | 126 | | |
|---|
| 117 | 127 | | T8 |
|---|
| 118 | 128 | | |
|---|
| 119 | 129 | | B.Maturing in one to five years |
|---|
| 120 | 130 | | |
|---|
| 121 | 131 | | 105% |
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| 122 | 132 | | |
|---|
| 123 | 133 | | T9 |
|---|
| 124 | 134 | | |
|---|
| 125 | 135 | | C.Maturing in more than five years |
|---|
| 126 | 136 | | |
|---|
| 127 | 137 | | 110% |
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| 128 | 138 | | |
|---|
| 129 | 139 | | T10 |
|---|
| 130 | 140 | | |
|---|
| 131 | 141 | | D.Zero-coupon treasury securities with |
|---|
| 132 | 142 | | |
|---|
| 133 | 143 | | T11 |
|---|
| 134 | 144 | | |
|---|
| 135 | 145 | | maturities exceeding ten years |
|---|
| 136 | 146 | | |
|---|
| 137 | 147 | | 120% |
|---|
| 138 | 148 | | |
|---|
| 139 | 149 | | T12 |
|---|
| 140 | 150 | | |
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| 141 | 151 | | 2.Actively traded United States government |
|---|
| 142 | 152 | | |
|---|
| 143 | 153 | | T13 |
|---|
| 144 | 154 | | |
|---|
| 145 | 155 | | agency securities |
|---|
| 146 | 156 | | |
|---|
| 147 | 157 | | T14 |
|---|
| 148 | 158 | | |
|---|
| 149 | 159 | | A.Maturing in less than one year |
|---|
| 150 | 160 | | |
|---|
| 151 | 161 | | 103% |
|---|
| 152 | 162 | | |
|---|
| 153 | 163 | | T15 |
|---|
| 154 | 164 | | |
|---|
| 155 | 165 | | B.Maturing in one to five years |
|---|
| 156 | 166 | | |
|---|
| 157 | 167 | | 107% |
|---|
| 158 | 168 | | |
|---|
| 159 | 169 | | T16 |
|---|
| 160 | 170 | | |
|---|
| 161 | 171 | | C.Maturing in more than five years |
|---|
| 162 | 172 | | |
|---|
| 163 | 173 | | 115% |
|---|
| 164 | 174 | | |
|---|
| 165 | 175 | | T17 |
|---|
| 166 | 176 | | |
|---|
| 167 | 177 | | 3. United States government agency |
|---|
| 168 | 178 | | |
|---|
| 169 | 179 | | T18 |
|---|
| 170 | 180 | | |
|---|
| 171 | 181 | | variable rate securities |
|---|
| 172 | 182 | | |
|---|
| 173 | 183 | | 103% |
|---|
| 174 | 184 | | |
|---|
| 175 | 185 | | T19 |
|---|
| 176 | 186 | | |
|---|
| 177 | 187 | | 4.Government National Mortgage Association |
|---|
| 178 | 188 | | |
|---|
| 179 | 189 | | T20 |
|---|
| 180 | 190 | | |
|---|
| 181 | 191 | | mortgage pass-through or participation |
|---|
| 182 | 192 | | |
|---|
| 183 | 193 | | T21 |
|---|
| 184 | 194 | | |
|---|
| 185 | 195 | | certificates or similar securities |
|---|
| 186 | 196 | | |
|---|
| 187 | 197 | | T22 |
|---|
| 188 | 198 | | |
|---|
| 189 | 199 | | A.Current issues |
|---|
| 190 | 200 | | |
|---|
| 191 | 201 | | 115% |
|---|
| 192 | 202 | | |
|---|
| 193 | 203 | | T23 |
|---|
| 194 | 204 | | |
|---|
| 195 | 205 | | B.Older issues |
|---|
| 196 | 206 | | |
|---|
| 197 | 207 | | 120% |
|---|
| 198 | 208 | | |
|---|
| 199 | 209 | | T24 |
|---|
| 200 | 210 | | |
|---|
| 201 | 211 | | C.Issues for which prices are not quoted |
|---|
| 202 | 212 | | |
|---|
| 203 | 213 | | 125% |
|---|
| 204 | 214 | | |
|---|
| 205 | 215 | | T25 |
|---|
| 206 | 216 | | |
|---|
| 207 | 217 | | 5.Other United States government securities |
|---|
| 208 | 218 | | |
|---|
| 209 | 219 | | 125% |
|---|
| 210 | 220 | | |
|---|
| 211 | 221 | | T26 |
|---|
| 212 | 222 | | |
|---|
| 213 | 223 | | 6.Other mortgage pass-through or participation |
|---|
| 214 | 224 | | |
|---|
| 215 | 225 | | T27 |
|---|
| 216 | 226 | | |
|---|
| 217 | 227 | | certificates or similar securities |
|---|
| 218 | 228 | | |
|---|
| 219 | 229 | | 125% |
|---|
| 220 | 230 | | |
|---|
| 221 | 231 | | T28 |
|---|
| 222 | 232 | | |
|---|
| 223 | 233 | | 7.One-to-four family residential mortgages |
|---|
| 224 | 234 | | |
|---|
| 225 | 235 | | 125% |
|---|
| 226 | 236 | | |
|---|
| 227 | 237 | | T29 |
|---|
| 228 | 238 | | |
|---|
| 229 | 239 | | 8.State and municipal bonds |
|---|
| 230 | 240 | | |
|---|
| 231 | 241 | | T30 |
|---|
| 232 | 242 | | |
|---|
| 233 | 243 | | A.General obligation bonds |
|---|
| 234 | 244 | | |
|---|
| 235 | 245 | | T31 |
|---|
| 236 | 246 | | |
|---|
| 237 | 247 | | i.Maturing in less than one year |
|---|
| 238 | 248 | | |
|---|
| 239 | 249 | | 102% |
|---|
| 240 | 250 | | |
|---|
| 241 | 251 | | T32 |
|---|
| 242 | 252 | | |
|---|
| 243 | 253 | | ii.Maturing in one to five years |
|---|
| 244 | 254 | | |
|---|
| 245 | 255 | | 107% |
|---|
| 246 | 256 | | |
|---|
| 247 | 257 | | T33 |
|---|
| 248 | 258 | | |
|---|
| 249 | 259 | | iii.Maturing in more than five years |
|---|
| 250 | 260 | | |
|---|
| 251 | 261 | | 110% |
|---|
| 252 | 262 | | |
|---|
| 253 | 263 | | T34 |
|---|
| 254 | 264 | | |
|---|
| 255 | 265 | | B.Revenue bonds |
|---|
| 256 | 266 | | |
|---|
| 257 | 267 | | T35 |
|---|
| 258 | 268 | | |
|---|
| 259 | 269 | | i.Maturing in less than one year |
|---|
| 260 | 270 | | |
|---|
| 261 | 271 | | 105-110% |
|---|
| 262 | 272 | | |
|---|
| 263 | 273 | | T36 |
|---|
| 264 | 274 | | |
|---|
| 265 | 275 | | ii.Maturing in one to five years |
|---|
| 266 | 276 | | |
|---|
| 267 | 277 | | 110-120% |
|---|
| 268 | 278 | | |
|---|
| 269 | 279 | | T37 |
|---|
| 270 | 280 | | |
|---|
| 271 | 281 | | iii.Maturing in more than five years |
|---|
| 272 | 282 | | |
|---|
| 273 | 283 | | 120-130% |
|---|
| 274 | 284 | | |
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| 275 | 285 | | (f) A qualified public depository that is subject to an order to cease and desist, consent order or a preliminary warning letter, or has entered into a stipulation and agreement, memorandum of understanding or a letter of understanding and agreement with a bank or credit union supervisor, may maintain eligible collateral in a sum equal to or greater than one hundred per cent of all uninsured public deposits held by the depository, provided (1) the depository has a risk-based capital ratio of twelve per cent or greater, and (2) the depository satisfies the following conditions, to the extent applicable: (A) The depository may not pledge eligible collateral in the form described in subsection (e)6. of this section, except for mortgage pass-through or participation certificates or similar securities that have been issued or guaranteed by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and for which prices are quoted; (B) the depository may not pledge eligible collateral in the form described in subsection (e)4.C. of this section; (C) if the public depository pledges eligible collateral in the form described in subsection (e)7. of this section, the collateral ratio for such mortgages shall be one hundred fifty per cent; and (D) if the public depository pledges eligible collateral in the form described in subsection (e)8. of this section, such collateral shall be rated in the three highest rating categories by a rating service recognized by the commissioner. The depository may pledge any other eligible collateral that is not limited by subdivision (2) of this subsection.] |
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| 276 | 286 | | |
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