N.J. Admin. Code § 17:16-31.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:16-31.2 - Permissible investments

(a) Subject to the limitations contained in this subchapter, the Director may invest and reinvest the moneys of any eligible fund in commercial paper provided that:

1. The issuer is not in default as to the payment of principal or interest upon any of its outstanding obligations;

2. All such securities are payable as to both principal and interest in United States dollars;

3. The maturity of the issue does not exceed 270 days; and

4. The issuer (or any guarantor pledging its full faith and credit to the issue) has a credit rating of P-1 or higher by Moody's Investors Service, Inc., A-1 or higher by Standard & Poor's Corporation, or F-1 or higher by Fitch Ratings. Subsequent to purchase, if the issuer rating fails to meet the minimum rating criteria, the commercial paper does not have to be sold.

(b) Notwithstanding the restrictions contained in this subchapter, the Council may approve the purchase of commercial paper on a case-by-case basis.

N.J. Admin. Code § 17:16-31.2

As amended, R.1972 d.75, eff. 4/19/1972.
See: 4 N.J.R. 109(a).
Amended by R.2001 d.119, effective 4/2/2001.
See: 33 N.J.R. 372(b), 33 N.J.R. 1115(a).
Amended by R.2004 d.251, effective 7/6/2004.
See: 36 N.J.R. 1740(b), 36 N.J.R. 3270(a).
In (a), added the last sentence; rewrote (b).
Amended by R.2006 d.317, effective 9/5/2006.
See: 38 N.J.R. 2039(a), 38 N.J.R. 3632(a).
Rewrote (a).
Amended by R.2014 d.038, effective 3/3/2014.
See: 45 N.J.R. 1477(a), 46 N.J.R. 442(a).
In (a)1, substituted a semicolon for a period at the end; added new (a)2; recodified former (a)2 and (a)3 as (a)3 and (a)4; and in (a)4, substituted "or" for "and", and deleted ", except that two of the three ratings is sufficient and one of the three ratings is sufficient if only one rating is available" following "Ratings".

Amended by 53 N.J.R. 1857(a), effective 11/1/2021