Section R628-22-5 - General Rule(1) A public treasurer may invest public funds in negotiable brokered certificates of deposit only through a certified investment adviser or a certified broker dealer. These negotiable certificates of deposit shall be: (a) limited to a maximum maturity of five years from the time of purchase settlement;(b) limited to a purchased par value not to exceed 97% of the stated applicable federal deposit insurance limit per each financial institution at the time of purchase; and(c) limited to purchases where the purchase price does not exceed par.(2) The public treasurer shall ensure that there is no overlap of purchased certificates of deposits in other deposit accounts of the financial institution when purchasing brokered certificates of deposit that would cause the public entity to exceed the applicable federal deposit insurance limit.Utah Admin. Code R628-22-5
Adopted by Utah State Bulletin Number 2019-17, effective 8/7/2019Amended by Utah State Bulletin Number 2024-23, effective 11/21/2024