N.J. Admin. Code § 17:16-37.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 17:16-37.2 - Permissible investments

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

1. Invest primarily in money market securities authorized pursuant to N.J.A.C. 17:16-11 and 17:16-31 through 33;

2. Are in compliance with Rule 2a-7 under the Investment Company Act of 1940 as promulgated by the U.S. Securities and Exchange Commission; and

3. Have a minimum net asset value of $ 1 billion. Subsequent to purchase, if the net asset value falls below $ 1 billion, the investment does not have to be sold.

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

N.J. Admin. Code § 17:16-37.2

Amended by R.2004 d.253, effective 7/6/2004.
See: 36 N.J.R. 1742(a), 36 N.J.R. 3270(c).
Rewrote the section.
Recodified from N.J.A.C. 17:16-37.1 and 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). Former N.J.A.C. 17:16-37.2, Other limitations, recodified to N.J.A.C. 17:16-37.4.
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 "33" for "36".