North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0200 - SECURITIES TO BE DEPOSITED › Section 07 .0201 - ELIGIBLE INVESTMENT SECURITIES

Current through Register Vol. 39, No. 2, July 15, 2024
The following types of investment securities are eligible for
				  pledging as security provided that the securities are currently eligible for
				  investment by the depository and can be included at full value in the reserves
				  of the depository:
(1) Obligations of
				the United States of America;
(2)
				Obligations of any agency or instrumentality of the United States of America if
				the payment of such obligations is fully guaranteed by the United States of
				America;
(3) Obligations of the
				State of North Carolina, the N.C. Medical Care Commission, the N.C. Housing
				Finance Agency, the N.C. State Education Assistance Authority and the component
				institutions of the University of North Carolina;
(4) Bonds or notes of any North Carolina
				local government or public authority issued with the approval of the Local
				Government Commission and not currently in default on payment of interest or
				principal of any of its bonds or notes;
(5) General obligations bonds of other states
				whose full faith and credit are pledged to the payment of principal and
				interest thereof;
(6) Bonds, notes
				and other direct obligations of the Federal Financing Bank, the Farm Credit
				System, the Federal Land Banks, the Federal Home Loan Banks, the Federal Home
				Loan Mortgage Corporation, the Federal National Mortgage Association, the
				Government National Mortgage Association, the Federal Housing Administration,
				the Farmers Home Administration, the United States Postal Service, the
				Export-Import Bank, the International Bank for Reconstruction and Development,
				the International Finance Corporation, the Inter-American Development Bank, the
				Asian Development Bank, the African Development Bank, and the Student Loan
				Marketing Association;
(7) Bonds or
				notes of a housing authority established or to be established pursuant to
				Article 1, Chapter 157 of the General Statutes of North Carolina or issued by
				any public housing authority or agency in the United States, when such bonds
				and notes are secured by a pledge of an annual contribution to be paid by the
				United States government or any agency thereof, or bonds or notes which may be
				issued by a not-for-profit corporate agency of a housing authority secured by
				rentals payable pursuant to Section 23 of the United States Housing Acts of
				1937, as amended;
(8) Pre-refunded
				bonds and bonds escrowed to maturity - if the issuer shall have applied for and
				received a re-rating of "AAA" by at least one nationally recognized rating
				service by reason of U.S. Government securities being escrowed with the
				trustee;
(9) Special obligation
				bonds - if they were originally rated "AAA" by reason of U.S. Government
				securities being escrowed with the trustee;
(10) Prime quality commercial paper bearing
				the highest rating of at least one nationally recognized rating service and not
				bearing a rating below the highest by any nationally recognized rating service
				which rates the particular obligation;
(11) Bills of exchange or time drafts drawn
				on and accepted by a commercial bank and eligible for use as collateral by
				member banks in borrowing from a federal reserve bank, provided that the
				accepting bank or its holding company either:
(a) is incorporated in the State of North
				Carolina; or
(b) has outstanding
				publicly held obligations bearing the highest rating of at least one nationally
				recognized rating service and not bearing a rating below the highest by any
				nationally recognized rating service which rates the particular obligations.
In case of questions, it is the responsibility of the
				  depository to demonstrate that the security pledged does fulfill the
				  requirements of this Rule.