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  SALE OF NEGOTIABLE CHECKS AND DRAFTS

 

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 New Hampshire or any county, city, town, district, school district, or other political subdivision of the state of New Hampshire.

 

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 United States;

 

b.  General Services Administration;

 

c.  Maritime Administration of the U.S. Department of Transportation;

 

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.  Federal Land Banks.

 

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.  Tennessee Valley Authority.

 

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

Specific State Statute the Rule Implements

 

 

Ban 1450

RSA 383-B:3-301(e)(2)