S.D. Admin. R. 6:02:02:06
Every security or certificate of deposit pledged to the commission must be deposited with a custodian that is a member of the federal reserve system, and evidenced with joint receipts of custody from the custodian. One copy must be sent to the state treasurer and one copy must be sent to the qualified public depository which has secured the public deposits. In lieu of securities, certificates of deposit, book entry receipts, or investment securities which include portions of loans which are unconditionally guaranteed by a United State's government agency, irrevocable standby letters of credit may be furnished on behalf of the public depository if they are provided according to the requirements of § 6:02:02:03 and if the letter of credit is issued by a federal home loan bank. Each letter of credit must be assigned to the commission as the beneficiary and must be accompanied by a credit rating report.
S.D. Admin. R. 6:02:02:06
General Authority: SDCL 4-6A-20.
Law Implemented: SDCL 4-6A-1, 4-6A-3, 4-6A-5.