reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1007 - CONDUCT OF THE HEARING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If a party or
				interested person fails to appear after notice was given, the hearing officer
				may proceed with the hearing and make its decision in the absence of the party
				or interested person.
(b) The
				petitioner shall be given an opportunity to present arguments on matters of law
				and policy and an opportunity to present evidence on matters of fact as they
				relate to the issues set forth in Rule .1009 of this Section.
(c) The staff for the Local Government
				Commission shall be given an opportunity, if they so request in writing at
				least ten days before the scheduled hearing date, to present arguments on
				matters of law and policy and an opportunity to present evidence on matters of
				fact as they relate to the issues set forth in Rule .1009 of this Section. A
				copy of any written request from the staff must be served upon the petitioner
				and any parties known to have a direct interest in the hearing at the time the
				request is made.
(d) The rules of
				evidence for the hearing shall be as set forth in
				G.S.
				150B-29.
(e) Official notice may be taken of all facts
				of which judicial notice may be taken and of other facts within the specialized
				knowledge of the hearing officer.
(f) The hearing officer is authorized to
				issue subpoenas upon his own motion or upon written request.
(g) An informal record containing in
				substance the evidence, contentions and arguments presented at the hearing
				shall be made. A verbatim transcript of the hearing may be requested by the
				petitioner, a participating party or the staff to the Commission. The costs of
				the production of the original verbatim transcript shall be borne by the party
				requesting it.
(h) The hearing
				officer is authorized to control the hearing, its length, and the order of the
				presentation of evidence and arguments and to require the submission of
				proposed findings and conclusions.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1008 - RECOMMENDED DECISION

Current through Register Vol. 39, No. 2, July 15, 2024
The hearing officer shall issue a recommended decision in
				  writing containing findings and conclusions as required under
				  G.S.
				  159B-25(b). The recommended
				  decision shall be issued within ten days of the completion of the hearing or
				  the preparation of a verbatim transcript, whichever occurs last; and shall be
				  presented promptly to the Local Government Commission.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 03 - LOCAL GOVERNMENT COMMISSION › Section .1000 - EVIDENTIARY HEARING ON REFUNDING BONDS › Section 03 .1009 - FINAL DECISION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The Secretary
				shall call a meeting of the Local Government Commission or its Executive
				Committee within ten days of the receipt of the recommended decision and the
				review from the hearing officer.
(b) A copy of the final decision shall be
				served upon the petitioner, and all other parties participating in the hearing
				by certified mail or personal service.
Authority
				  G.S.
				  159-3(f);
				  159B-25(b);
Eff. November 1, 1990;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. January 9,
				  2018.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 04 - TAX REVIEW BOARD › Section .0100 - ORGANIZATION OF THE BOARD › Section 04 .0101-.0103

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  105-269.2;
				  105-122;
				  105-130.4;
Eff.
				  February 1, 1976;
Readopted Eff. September 30, 1977;
Repealed Eff. January 1, 2008 pursuant to
				  G.S.
				  150B-21.7 (see S.L. 2007-491, s.
				  2).
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 04 - TAX REVIEW BOARD › Section .0200 - REGULAR TAX REVIEW BOARD › Section 04 .0201-.0205

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  105-241.2;
				  105-259;
				  105-262;
				  150B-23;
				  150B-25;
				  150B-36;
				  150B-43;
Eff.
				  February 1, 1976;
Readopted Eff. September 30, 1977;
Amended Eff. August 1, 1988; June 4, 1976;
Repealed Eff. January 1,
				  2008 pursuant to
				  G.S.
				  150B-21.7 (see S.L. 2007-491, s.
				  2).
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 04 - TAX REVIEW BOARD › Section .0200 - REGULAR TAX REVIEW BOARD › Section 04 .0206 - REPEALED - WHO SHALL HEAR THE CASE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  105-241.2;
Eff. February 1,
				  1976;
Readopted Eff. September 30, 1977;
Repealed Eff.
				  August 1, 1988.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 04 - TAX REVIEW BOARD › Section .0200 - REGULAR TAX REVIEW BOARD › Section 04 .0207-.0210

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  105-241.2;
				  105-259;
				  105-262;
				  150B-23;
				  150B-25;
				  150B-36;
				  150B-43;
Eff.
				  February 1, 1976;
Readopted Eff. September 30, 1977;
Amended Eff. August 1, 1988; June 4, 1976;
Repealed Eff. January 1,
				  2008 pursuant to
				  G.S.
				  150B-21.7 (see S.L 2007-491 s.
				  2).
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 04 - TAX REVIEW BOARD › Section .0300 - THE AUGMENTED TAX REVIEW BOARD › Section 04 .0301-.0310

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  105-122(c)(2);
				  105-130.4(s);
				  105-269.2;
				  150B-25;
				  150B-27;
				  150B-28;
				  150B-29;
				  150B-30;
Eff.
				  February 1, 1976;
Readopted Eff. September 30, 1977;
Amended Eff. August 1, 1988;
Repealed Eff. January 1, 2008 pursuant
				  to G.S.
				  150B-21.7 (see S.L. 2007-491, s.
				  2).
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 05 - MUNICIPAL BOARD OF CONTROL › Section .0100 - GENERAL PROVISIONS › Section 05 .0101-.0106

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  106A-6;
				  106A-8;
150A-12;
				  150A-17; 105A-23;
Eff. February 1, 1976;
Repealed Eff.
				  October 1, 1982.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 05 - MUNICIPAL BOARD OF CONTROL › Section .0200 - PROCEDURES FOR MUNICIPAL INCORPORATIONS › Section 05 .0201-.0204

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
				  G.S.
				  160A-6;
				  160A-7;
				  160A-8;
160A-9.2;
Eff. February 1, 1976;
Repealed Eff. October
				  1, 1982.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 06 - NC HOUSING FINANCE AGENCY (TRANSFERRED)

Current through Register Vol. 39, No. 2, July 15, 2024
This Chapter 6 of Title 20 of the North Carolina Administrative
			 Code (20
			 NCAC 06); N.C. HOUSING FINANCE AGENCY; has
			 been transferred to the Department of Natural Resources and Community
			 Development and recodified as Chapter 14 of Title 15 of the North Carolina
			 Administrative Code (15 NCAC 14).
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0101 - GENERAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) This Chapter
				sets forth the manner in which the official depositories shall provide the
				collateralization of the uninsured balances on deposit in accordance with
				provisions in
				G.S.
				18B-702(d),
				G.S.
				115C-443 and 444,
				G.S.
				115D-58.6(b) and 58.7(b),
				and G.S.
				147-69.1 and 79,
				G.S.
				159-30 and 31,
				G.S.
				116-36.1(h), and
				G.S.
				84-34.1
(b) All correspondence to the State Treasurer
				under this Chapter shall be addressed to: Division of Investment and Banking,
				Department of State Treasurer, 3200 Atlantic Avenue, Raleigh, North Carolina
				27604.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994; August 1, 1987;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  September 1, 2019.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0102 - DEFINITION OF TERMS

Current through Register Vol. 39, No. 2, July 15, 2024
The words and phrases defined in this Rule will have the
				  meanings indicated when used in this Chapter, unless the context clearly
				  requires another meaning:
(1)
				"Affiliate" means "affiliate" as defined in
				12 USC
				371c(b)(1) including
				subsequent amendments.
(2) "Demand
				Deposits" are all deposits that are not time deposits as defined in these
				Rules, i.e. all non-interest bearing deposits.
(3) "Deposit Accounts" include all demand and
				time deposits as defined in these Rules.
(4) "Deposit Insurance" means the insurance
				provided by the Federal Deposit Insurance Corporation.
(5) "Depository" means a financial
				institution into which the State Treasurer or a participating unit is empowered
				to deposit money with or without interest, and which is required by law to
				secure the deposits with deposit insurance and collateral securities.
(6) "Governmental Unit" includes any city,
				town, county, special district, public hospital, public authority, whose
				deposits are required to be secured.
(7) " Participating Unit" means any
				governmental unit, any city or county school administrative unit, any community
				college, any local ABC board, any university depositing moneys pursuant to
				G.S.
				116-36(h), and the State Bar
				of North Carolina.
(8) " Public
				Depositor" means the State Treasurer or the person charged with the custody of
				public deposits of a participating unit. In the case of special funds of the
				individual schools of a city or county school administrative unit, this person
				is the school finance officer.
(9)
				"Public Deposits" means all deposits made to the account of the State Treasurer
				and all deposits made by a participating unit in any depository, including
				those held by the depository in an escrow capacity.
(10) "State Funds" means deposits to the
				account of the State Treasurer.
(11) "State Treasurer" means the State
				Treasurer of North Carolina.
(12)
				"Time Deposits" means interest-bearing deposits, including savings accounts,
				negotiable order of withdrawal (NOW) accounts, money market deposit accounts
				(MMDA), and certificates of deposits and savings certificates, both negotiable
				and non-negotiable.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994; September 1, 1988; June 1, 1984;
				  November 1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0103 - NOTIFICATION BY DEPOSITOR

Current through Register Vol. 39, No. 2, July 15, 2024
(a) When
				opening a new deposit account, the public depositor shall provide the
				depository either written or oral notification that the deposits in said
				deposit account are public deposits subject to the collateralization
				rules.
(b) As of June 30 of each
				year, or when requested by the State Treasurer, the public depositor shall
				provide the depository Form COLL-91, "Annual Notification of Accounts by Public
				Depositor," listing the current account names and numbers of all public deposit
				accounts, and shall provide a duplicate copy to the State Treasurer. Form
				COLL-91 shall be certified by the public depositor that the statements are
				correct.
(c) If the depository has
				any reason to believe that a deposit account for which it has not received a
				notification pursuant to Paragraph (a) of this Rule is in fact a public
				deposit, it may forward to the public depositor a written request for
				verification of the deposit account. The public depositor shall respond
				promptly to this request in writing to the depository.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994; September 1, 1988;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  November 1, 2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0104 - METHODS OF SECURING DEPOSITS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				Deposits of Public Depositors. Except for public deposits of housing
				authorities each depository shall have the following options:
(1) Dedicated Method. To secure all uninsured
				public deposits of each public depositor separately. The depository shall
				maintain a record of all securities pledged, with such record being an official
				record of the depository and made available to examiners or representatives of
				all regulatory agencies. Each public depositor shall maintain a record of the
				securities pledged for monitoring purposes.
(2) Pooling Method. To secure all uninsured
				public deposits of every public depositor through a pool of collateral
				established by the depository with the State Treasurer for the benefit of the
				State and the participating units. The depository shall maintain a record of
				all securities pledged, with such record being an official record of the
				depository and made available to examiners or representatives of all regulatory
				agencies. The State Treasurer shall maintain a record of the securities pledged
				for monitoring purposes.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0105 - EXERCISING THE POOLING METHOD

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Unless and
				until the requirements of this Rule are met, the depository is considered to be
				under the Dedicated Method.
(b) If
				the depository selects the Pooling Method, it shall:
(1) Submit to the State Treasurer a letter of
				intent, indicating the effective date it desires to convert to the Pooling
				Method, which shall not be prior to the date the requirements of this Rule are
				met.
(2) Submit to the State
				Treasurer an executed Form COLL-93A, "Security Agreement with Resolution,"
				required to comply with Rule .0305 of this Chapter.
(3) Submit to the State Treasurer all
				executed escrow agreements required to comply with Rule .0303(b) of this
				Chapter.
(4) Submit to the State
				Treasurer Form COLL-99, "Selected Financial Data Report," referred to in Rule
				.0501(c) of this Chapter.
(5)
				Submit to the State Treasurer Form COLL-97, "Annual Report of Public Deposit
				Accounts by Bank," referred to in Rule .0502(c) of this Chapter; however, the
				report shall be for the period immediately preceding the date of the election
				of the Pooling Method.
(6) Submit
				to each public depositor Form COLL-92, "Election of Pooling Method by Bank,"
				notifying them that it has opted to pool the collateral of all public deposits
				through the State Treasurer; and provide the State Treasurer a duplicate copy
				of all "Election of Pooling Method by Bank" forms.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0106 - FORMS

Current through Register Vol. 39, No. 2, July 15, 2024
The following forms shall be promulgated by the State
				  Treasurer and shall be used for the purpose outlined in this Chapter unless
				  specific permission is given to use a substitute:
(1) COLL-91 Annual Notification of Accounts
				by Public Depositor,
(2) COLL-92
				Election of Pooling Method by Bank,
(3) COLL-93A Security Agreement with
				Resolution (Pooling Method),
(4)
				COLL-93B Escrow Agent Agreement (Pooling Method),
(5) COLL-94A Security Agreement with
				Resolution (Dedicated Method),
(6)
				COLL-94B Escrow Agent Agreement (Dedicated Method),
(7) COLL-95 Request for Collateral Pledge
				and/or Release,
(8) COLL-96 Report
				on Public Deposits by Month or Quarter,
(9) COLL-97 Annual Report of Public Deposit
				Accounts by Bank,
(10) COLL-98
				Collateral Report for Public Deposits,
(11) COLL-99 Selected Financial Data
				Report.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. February 1, 1982;
Amended Eff. April 1, 1994; September 1,
				  1988;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  November 1, 2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0100 - GENERAL › Section 07 .0107 - DUTY OF DEPOSITORY

Current through Register Vol. 39, No. 2, July 15, 2024
By accepting public deposits, the depository assumes the duty
				  and responsibility of maintaining adequate collateral as provided by law and in
				  accordance with the provisions of this Chapter, for all uninsured deposits in
				  accounts for which the public depositor has notified the depository pursuant to
				  Rule .0103 of this Chapter.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. September 1, 1988;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0200 - SECURITIES TO BE DEPOSITED › Section 07 .0202 - AMOUNT OF COLLATERAL REQUIRED TO BE PLEDGED

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Under
				the Dedicated Method, each depository, which is required to pledge collateral
				to secure the deposit accounts of a public depositor, shall maintain collateral
				with an escrow agent equal to or in excess of 100 percent of the total amount
				of all deposit accounts to the credit of the public depositor less the
				allowable credit for deposit insurance.
(b) Under the Pooling Method, the amount of
				required collateral shall be the sum of the amounts required to be
				collateralized for all public depositors in the depository calculated as
				follows:
(1) Demand Deposits. 100 percent of
				the average daily balance for the calendar year to date, or 100 percent of the
				average daily balance for the immediate preceding three calendar month period,
				or 100 percent of the average daily balance for the current month to date, or
				such greater amount as shall be given prior approval by the State Treasurer,
				less the applicable deposit insurance for each public depositor. Calculations
				for any period other than the "current month to date" method may be based on
				the period ending the last day of the prior month. At the option of the State
				Treasurer, the Treasurer may require calculations to be in accordance with the
				requirements of the Dedicated Method, if it is deemed that the averaging method
				for a particular depository does not accurately reflect the amount of deposits
				to be secured.
(2) Time Deposits.
				100 percent of the actual current balance, less the applicable deposit
				insurance for each public depositor.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0200 - SECURITIES TO BE DEPOSITED › Section 07 .0203 - SURETY BONDS

Current through Register Vol. 39, No. 2, July 15, 2024
Surety bonds with a corporate surety may be substituted in
				  lieu of part or all of the collateral required under this Chapter under the
				  following conditions:
(1) The company
				is licensed by the Commissioner of Insurance to conduct the business of
				suretyship in North Carolina, and is acceptable to the State
				Treasurer.
(2) The company may not
				provide surety bonds to collateralize public deposits within North Carolina in
				amounts exceeding the underwriting limitations established by the U.S.
				Department of the Treasury as provided in Sections 3904 to 3908 of Title 31 of
				the United States Code or successor provisions.
(3) The bond must not permit reduction in the
				penal amount except with the express written permission of the State Treasurer
				in the case of the Pooling Method, or public depositor in the case of the
				Dedicated Method.
(4) The company
				must agree to provide the State Treasurer a quarterly report listing all surety
				bonds issued to collateralize public deposits in North Carolina. The report
				shall list at a minimum the person to whom issued, the depository for whom
				issued, the penal sum at the end of the quarter, the highest penal sum during
				the quarter and the date(s) to which the highest penal sum applied, and the
				underwriting limitation as defined in Paragraph (2) of this Rule currently in
				effect.
(5) The surety bond must
				include the rules in
				20 NCAC
				07 by reference and provide that said rules
				and the definitions therein shall prevail in all questions of conflict with
				other provisions of the bond.
(6)
				The bond shall be payable in federal funds no later than the tenth calendar day
				after final adjudication. Final adjudication means the issuance of a ruling by
				the State Treasurer that a default exists, which ruling has not been stayed by
				an appeal of the ruling as provided by law.
The words "collateral" and "collateralize" shall include
				  surety bonds and the use of surety bonds when used in any rule of this Chapter
				  not incompatible with this Rule.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. November 1, 1983;
Amended Eff. April 1, 1994; June 1,
				  1984;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0300 - ESCROW OF SECURITIES › Section 07 .0301 - ELIGIBLE ESCROW AGENTS

Current through Register Vol. 39, No. 2, July 15, 2024
All securities pledged to secure public deposits shall be
				  deposited either:
(1) with a Federal
				Reserve Bank or a Federal Home Loan Bank or a branch thereof pursuant to Rule
				.0302 of this Section; or
(2) with
				a national or state-chartered bank which is not an affiliate of the depository
				and which has the authority to conduct a trust business pursuant to Rule .0303
				of this Section.
Authority
				  G. S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0300 - ESCROW OF SECURITIES › Section 07 .0302 - ESCROW WITH FEDERAL RESERVE BANK OR FEDERAL HOME LOAN BANK

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Securities pledged with a Federal Reserve
				Bank or a branch thereof shall be deposited under Circular 16 of the Federal
				Reserve Banks in the name of the State Treasurer in the case of the Pooling
				Method or the public depositor in the case of the Dedicated Method. The
				appropriate signature card must be executed.
(b) Securities pledged with a Federal Home
				Loan Bank or a branch thereof shall be deposited pursuant to Rule .0303(b) of
				this Section, and pursuant to the terms of the Federal Home Loan Bank's "Pledge
				Agreement Custody Receipt" which may be in effect from time to time. The
				pledgee shall be the State Treasurer in the case of the Pooling Method or the
				public depositor in the case of the Dedicated Method.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0300 - ESCROW OF SECURITIES › Section 07 .0303 - ESCROW WITH A NATIONAL OR STATE-CHARTERED BANK

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Any bank or trust company which is not an
				affiliate of the depository, and which is authorized to conduct a trust
				business and is chartered by the United States government or any of its fifty
				states is eligible to act as an escrow agent.
(b) All escrow accounts shall be established
				with the appropriate Escrow Agent Agreement. Escrow accounts for the State
				Treasurer under the Pooling Method shall be established by Form COLL-93B.
				Escrow accounts for a public depositor under the Dedicated Method shall be
				established by Form COLL-94B. The escrow agent agreements shall contain the
				necessary language to establish the required trust as provided in this
				Chapter.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended eff.
				  November 1, 2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0300 - ESCROW OF SECURITIES › Section 07 .0304 - PLEDGING AND RELEASING COLLATERAL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All
				pledges and releases of collateral to or from an escrow account shall be
				initiated by means of Form COLL-95, "Request for Collateral Pledge and/or
				Release." The form shall require the following:
(1) Amount and description (including CUSIP
				numbers) of securities to be released and pledged;
(2) The effect of the transaction(s) on the
				total collateral pledged, including the percentage of excess then pledged, if a
				decrease;
(3) Prior approval of all
				releases and substitutions of collateral by the State Treasurer or public
				depositor, as applicable;
(4) That
				all transactions be reported to the State Treasurer or public depositor as
				applicable; and
(5) Certification
				by an authorized official of the depository that after the transaction(s) are
				completed, the collateral pledged meets the requirements of Rule .0202 of this
				Chapter.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0300 - ESCROW OF SECURITIES › Section 07 .0305 - SECURITY AGREEMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Under the
				Dedicated Method, each depository which is required to pledge collateral to
				secure the deposits of a public depositor, shall execute with the public
				depositor Form COLL-94A, "Security Agreement with Resolution (Dedicated
				Method)." Form COLL-94A shall consist of both a "Depository Resolution" and a
				"Security Agreement."
(b) Each
				depository that elects the Pooling Method is required to execute with the State
				Treasurer Form COLL-93A, "Security Agreement with Resolution (Pooling Method)."
				Form COLL-93A shall consist of both a "Depository Resolution" and a "Security
				Agreement."
(c) Forms COLL-93A and
				COLL-94A shall contain the necessary language required to establish the
				provisions for the perfected delivery of collateral securities pursuant to the
				requirements of the Federal Deposit Insurance Corporation's Policy Statement
				dated March 23, 1993, which is incorporated herein by reference including later
				amendments thereto, and of the North Carolina Uniform Commercial Code. A copy
				of the Federal Deposit Insurance Corporation Policy Statement may be obtained
				from the Investment and Banking Division, 3200 Atlantic Avenue, Raleigh, North
				Carolina 27604 on receipt of a request accompanied by a self addressed, stamped
				# 10 envelope.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. November 1, 1983;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  September 1, 2019;
Amended Eff. November 1,
				  2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0400 - DELIVERY AND SALE OF PLEDGED SECURITIES IN THE EVENT OF DEFAULT › Section 07 .0401 - REQUEST FOR DELIVERY OF PLEDGED SECURITIES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				State Treasurer shall, upon default of the depository, request delivery of such
				part of the pledged collateral as may be needed to hold the State Treasurer and
				or any participating unit harmless from losses incurred by the default. The
				State Treasurer shall have full discretion as to the amounts and securities to
				be delivered but shall attempt to choose those securities which he believes to
				be the most saleable in the circumstances.
(b) A default is defined as the failure of
				the depository to fulfill its statutory duties to honor timely requests for
				withdrawals. A legitimate dispute regarding the liability of the depository for
				specific items of deposit or withdrawal shall not be considered a default
				during the period of adjudicating the dispute so long as the disputed amounts
				are 100 percent separately collateralized by the depository at market value in
				accordance with this Chapter.
(c)
				The State Treasurer shall provide at least 24 hours notice to the depository
				and may provide up to 7 calendar days notice of his order to the escrow agent
				to deliver part or all of the pledged securities to the State Treasurer and
				notice of the amount of the default. During the notice period the depository
				shall have the right to pay off the amount in default in full by the sale of
				any of the securities pledged which the depository chooses to sell, provided
				that the escrow agent or the depository shall transfer the entire amount of the
				default in federal funds to the State Treasurer prior to the due date for
				delivery of the pledged securities. This notice may be provided solely by
				telephone communication.
Authority
				  G. S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Amended Eff. April 1, 1994; November 1, 1983;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0400 - DELIVERY AND SALE OF PLEDGED SECURITIES IN THE EVENT OF DEFAULT › Section 07 .0402 - SAFEKEEPING OF DELIVERED SECURITIES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				State Treasurer may, at his sole discretion, require delivery either to the
				Investment and Banking Division, Department of State Treasurer, 3200 Atlantic
				Avenue, Raleigh, North Carolina 27604 or to any duly licensed State chartered
				or national bank designated by the State Treasurer.
(b) The State Treasurer shall use the same
				care with respect to the custody of the delivered securities as he exercises
				with respect to the State investments in his custody but he shall not insure
				the delivered securities against any risks.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  September 1, 2019.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0400 - DELIVERY AND SALE OF PLEDGED SECURITIES IN THE EVENT OF DEFAULT › Section 07 .0403 - CERTIFICATION OF DEFAULT BY PUBLIC DEPOSITORS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				public depositor shall provide to the State Treasurer a statement of all
				circumstances which he feels gives rise to a default. Each public depositor is
				required to discuss with the State Treasurer the need for a determination on
				the existence of a default prior to the sending of the statement. The statement
				shall be notarized and mailed to the State Treasurer certified mail, return
				receipt requested. In addition, each public depositor shall provide the State
				Treasurer with certified copies of the security agreement with resolution, the
				escrow agent agreements, or other agreement, and a current list of securities
				pledged to secure the applicable deposit accounts.
(b) The State Treasurer shall make a
				determination no later than the close of the business day, next following
				receipt of the request with regard to the default. The State Treasurer shall
				determine that:
(1) a default has
				occurred,
(2) a default has not
				occurred, or
(3) that additional
				information is necessary before a ruling can be made.
If additional information is necessary, the public depositor
				  may provide the information required. If it is provided, the public depositor
				  shall submit the information, notarized, by certified mail, return receipt
				  requested. Receipt of the new information shall be considered to be a new
				  request for determination. Appeal of a determination of the State Treasurer
				  shall be considered a contested case.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0400 - DELIVERY AND SALE OF PLEDGED SECURITIES IN THE EVENT OF DEFAULT › Section 07 .0404 - SALE OF THE DELIVERED SECURITIES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				State Treasurer shall canvass its normal buyers for the type of securities
				which are to be sold and all potential buyers furnished to him by the
				depository from among licensed dealers who either make a market in the security
				or are currently offering to buy the security.
(b) The State Treasurer shall sell as much of
				the securities as are needed to provide cash to cover the amount of the
				default. The State Treasurer may sell, at his sole discretion, all or part of
				any specific issue of security to be sold.
(c) The State Treasurer shall deposit from
				the proceeds of the sale the amount of any default on deposit accounts of State
				funds in the applicable fund of the State and shall return all unsold
				securities and excess cash to the depository. The State Treasurer shall provide
				to the depository a release for the amount of default paid and such other
				documentation as may be appropriate to enable the depository to pursue a claim
				against a third party for the amount of the default.
(d) If the default is on deposit accounts of
				a public depositor of a participating unit, the State Treasurer shall retain
				the amount of the default and shall return all unsold securities and excess
				cash to the depository. The State Treasurer shall determine the amount
				distributable from the proceeds of the sale to each public depositor, not to
				exceed the uninsured amount in default. The State Treasurer shall pay the
				amount to the public depositor after receiving from the public depositor a
				release, in duplicate, for the amount in default paid and such other
				documentation as may be appropriate to enable the depository to pursue a claim
				against a third party for the amount of the default.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0500 - REPORTING › Section 07 .0501 - QUARTERLY REPORTING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) In the case of
				the Dedicated Method, the depository shall report to each public depositor the
				total par value and market value of securities pledged on the last day of the
				calendar quarter with the escrow agent(s) to secure public deposits of the
				public depositor. The reports shall be submitted no later than the last day of
				the following month.
(b) In the
				case of the Pooling Method, the depository shall submit Form COLL-96, "Report
				on Public Deposits by Month or Quarter," to the State Treasurer no later than
				the last day of the month following the end of the calendar quarter. The report
				shall be dated on the last working day of the calendar quarter, shall summarize
				the accounts secured, shall summarize the amounts insured and secured at
				market, shall indicate the amount and percentage of excess collateral pledged,
				and shall be certified by an authorized officer of the depository that the
				statements are correct.
(c) In
				addition to the Quarterly Report required by Rule .0501(b) of this Rule, a
				depository utilizing the Pooling Method shall submit to the State Treasurer
				Form COLL-99, "Selected Financial Data Report," which is a report containing
				selected financial data contained in either the current quarterly report of
				condition required by the Federal Deposit Insurance Act (12 U.S.C.) or the
				current quarterly report required to be filed with the Federal Home Loan Bank
				Board, as applicable.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994; September 1, 1988;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended November 1,
				  2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0500 - REPORTING › Section 07 .0502 - ANNUAL REPORTING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) In the case of
				the Dedicated Method, on or before July 31 of each year, the depository shall
				submit to each public depositor Form COLL-98.
(b) In the case of the Pooling Method, on or
				before July 31 of each year, each depository shall submit to the State
				Treasurer Forms COLL-97 and COLL-98, in addition to the quarterly report
				(COLL-96) dated June 30.
(c) Form
				COLL-97, "Annual Report of Public Deposit Accounts by Bank," shall be dated
				June 30, shall list all public depositors, and for each public depositor, show
				the amounts on deposit by type, identify the amounts insured by type, and shall
				be certified by an authorized officer of the depository that the statements are
				correct.
(d) Form COLL-98,
				"Collateral Report for Public Deposits," shall be dated June 30, shall list and
				describe all collateral pledged (including CUSIP number, par and market value),
				with each escrow agent for the public depositor or State Treasurer, and shall
				be certified by an authorized officer of the depository that the statements are
				correct.
(e) The depository may
				substitute its own format for Form COLL-97 and COLL-98, provided the format is
				substantially the same in content and order of presentation.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994; September 1, 1988;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  November 1, 2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0500 - REPORTING › Section 07 .0503 - SPECIAL CALL REPORT

Current through Register Vol. 39, No. 2, July 15, 2024
Not more often than once in each annual period, the State
				  Treasurer may require each depository to furnish a report in the same detail as
				  the annual report as of any business day not more than 10 calendar days before
				  the date at which the special request for the report is mailed. In addition,
				  the State Treasurer may require a detailed report listing the account numbers
				  of each public depositor.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1,
				  1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0500 - REPORTING › Section 07 .0504 - SPECIAL REPORTING RULE FOR DEDICATED METHOD DEPOSITORIES

Current through Register Vol. 39, No. 2, July 15, 2024
A depository which has State funds and which has elected the
				  Dedicated Method shall file, in addition to all forms required under the
				  Dedicated Method, Form COLL-99, "Selected Financial Data Report," referred to
				  in Rule .0501, Paragraph (c) of this Section.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. February 1, 1982;
Amended Eff. April 1, 1994; September 1,
				  1988;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5, 2016;
Amended Eff.
				  November 1, 2020.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0500 - REPORTING › Section 07 .0505 - ADDITIONAL MONTHLY REPORTING REQUIREMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
In the case of the Pooling Method, the State Treasurer may at
				  any time and at his own discretion direct the depository to file a report in
				  the same format as the Quarterly Report required by Rule .0501(b), but on a
				  monthly basis. However, the monthly reporting directive shall be required under
				  any one of the following circumstances:
(1) A required report is repeatedly not filed
				timely.
(2) A required report is
				filed with a material error.
(3) A
				Quarterly Report required by Rule .0501(b) is filed indicating that "excess"
				collateral pledged is less than 10 percent of the amount required by Rule
				.0202.
(4) The depository has been
				notified that the State Treasurer has invoked Rule .0202(e), requiring
				additional collateral.
Such monthly reporting directive shall be effective for a
				  period of six months, after which time the depository may resume quarterly
				  reporting. However, subsequent violations shall extend the period of monthly
				  reporting as set forth in this Rule.
Authority
				  G.S.
				  115C-444(b);
				  147-79;
				  159-31(b);
Eff. September 1, 1988;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0600 - ENFORCEMENT › Section 07 .0601 - AUDIT

Current through Register Vol. 39, No. 2, July 15, 2024
The State Treasurer may cause such audits to be performed as
				  he believes necessary, or may request the active assistance of the State
				  Auditor of North Carolina and of all federal and state regulatory agencies to
				  assist him in the enforcement of the law and regulations regarding
				  collateralization of public deposits pursuant to this
				  Chapter.
Authority
				  G.S.
				  115C-444(b);
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.
North Carolina Administrative Code › Title 20 - STATE TREASURER › Chapter 07 - COLLATERALIZATION OF DEPOSITS › Section .0600 - ENFORCEMENT › Section 07 .0602 - REVOCATION

Current through Register Vol. 39, No. 2, July 15, 2024
The State Treasurer may at any time and at his own discretion
				  revoke the right of a depository to use the Pooling Method pursuant to
				  20 NCAC
				  07. An appeal of such an order shall be
				  considered a contested case. During the processing of the contested case the
				  order shall remain in effect.
Authority
				  G.S.
				  115C-444(b);
				  159-31(b);
Eff. August 1, 1980;
Readopted Eff. February 1, 1982;
Amended Eff. April 1, 1994;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. April 5,
				  2016.