CHAPTER Ban 1400 SAVINGS BANK
PART Ban 1401 RECORDS AND ACCOUNTS
Source. #4082, eff 7-7-86, EXPIRED: 7-7-92
PART Ban 1402 through 1409 RESERVED
Source. #4082, eff 7-7-86, EXPIRED: 7-7-92
PART Ban 1410 VERIFICATION OF DEPOSITS
Source. #4084, eff 7-7-86, EXPIRED: 7-7-92
PART Ban 1420
Source. #4085, eff 7-7-86, EXPIRED: 7-7-92
PART Ban 1430 PLEDGE OF SECURITIES TO SECURE FUNDS
Source. #4086, eff 7-7-86, EXPIRED: 7-7-92
PARTS Ban 1431 through Ban 1439 RESERVED
Source. #4084, eff 7-7-86, EXPIRED: 7-7-92
PART Ban 1440 PETITION FOR INCORPORATION BY SAVINGS BANKS
Source. #4088, eff 7-7-86, EXPIRED: 7-7-92
PARTS Ban 1441 through 1449 RESERVED
Source. #4088, eff 7-7-86, EXPIRED: 7-7-92
PART
Ban 1450 COLLATERALIZATION OF PUBLIC
DEPOSITS
Statutory Authority: RSA 383-B:3-301(e)(2)
Ban
1450.01 Purpose. The purpose of this rule is to identify and
classify by risk those securities that are appropriate for the
collateralization of public funds.
Source. #5465, eff 9-8-92, EXPIRED: 9-8-98
New. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
Ban 1450.02
Definitions.
(a) “Nationally Recognized Statistical Rating Organization
(NRSRO)” means a nationally recognized statistical rating organization
designated by the U.S. Securities and Exchange Commission.
(b)
"Public funds" means moneys belonging to or in an account of any
public unit.
(c)
"Public unit" means the state of
Source. #5221 (Emergency) eff 9-6-91, EXPIRED 1-7-92;
#5307, eff 1-9-92, EXPIRED 5-8-92 (Int 91-9)
New. #5465, eff 9-8-92, EXPIRED: 9-8-98
New. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
Ban
1450.03 Amount of Collateralization.
(a) If a public unit exercises the option to have
its public funds secured by the pledge of securities, the value of securities
pledged as collateral shall be equal to or in excess of the amount of public
funds, less any portion thereof that is covered by federal deposit insurance.
(b) For purposes of Ban 1450, securities shall be
valued at market value.
Source. #5465, eff 9-8-92, EXPIRED: 9-8-98
New. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
Ban
1450.04 Public Obligations.
(a) All public obligations described in RSA
383-B:3-303(c), shall be appropriate and acceptable for the collateralization
of public funds.
(b) For purposes of RSA 383-B:3-303(c)(2), the
following obligations shall be appropriate and acceptable for the
collateralization of public funds:
(1)
Obligations of the following federal agencies, federal corporations, and
other entities:
a.
Export-Import Bank of the
b.
General Services Administration;
c.
Maritime Administration of the
d.
Small Business Administration; and
e. The
following obligations of the Department of Housing and Urban Development, its
government corporations, entities, and programs:
1.
Federal Housing Administration;
2.
Government National Mortgage Association (Ginnie Mae);
3.
Community development; and
4.
Public housing notes and bonds.
(2)
Obligations of the following federal government-sponsored enterprises
shall qualify as acceptable collateral for public funds:
a.
Federal Farm Credit Banks, including:
1. Banks
for Cooperatives;
2.
Federal Intermediate Credit Banks;
3.
b. Federal
Home Loan Banks, including irrevocable standby letters of credit issued by a
Federal Home Loan Bank possessing the highest rating issued by at least one
NRSRO;
c.
Federal Home Loan Mortgage Corporation (Freddie Mac);
d.
Federal National Mortgage Association (Fannie Mae); and
e.
Source. #5221 (Emergency) eff 9-6-91, EXPIRED 1-7-92;
#5307, eff 1-9-92, EXPIRED 5-8-92 (Int 91-9)
New. #5465, eff 9-8-92, EXPIRED: 9-8-98
New. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
Ban
1450.05 Corporate Securities.
(a) All bonds and notes authorized as legal
investments for banks under RSA 383-B:303(d)(1), shall qualify as appropriate
and acceptable collateral for public funds.
(b) Notwithstanding the provisions of RSA
383-B:303(d)(1), convertible bonds not rated among the 3 highest ratings of any
NRSRO shall not qualify as acceptable collateral for public funds.
Source. #5221 (Emergency) eff 9-6-91, EXPIRED 1-7-92;
#5307, eff 1-9-92, EXPIRED 5-8-92 (Int 91-9)
New. #5465, eff 9-8-92, EXPIRED: 9-8-98
New. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
Ban
1450.06 Classification by Risk. All collateral enumerated in Ban 1450.04 and
Ban 1450.05 shall be identically classified as low risk collateral for public
funds on deposit.
Source. #6961, eff 3-25-99, EXPIRED: 3-25-07
New. #9187, eff 6-24-08, INTERIM, EXPIRED:
12-21-08
New. #9557, eff 10-3-09; ss by #10997, INTERIM,
eff 12-23-15, EXPIRES: 6-20-16; ss by #11113, eff 6-1-16
APPENDIX
Rule |
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Ban 1450 |
RSA 383-B:3-301(e)(2) |
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