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in excess of its Fair Market Value or sell any such i.nvestment at
a price (determined without any reduction for transaction costs)
less than its Fair Market Value. For this purpose:
(a) The Fair Market Value of a security or obligation for
which there is an established market shall be deternined as
provided below. Except as otherwise provided below, any market
especial].y established to provide a security or obligation to an
issuer of municipal cbl.igations shall not be treated as an
established market.
(b) Th~ Fair Market Value of a security or obligation for
which there is an established market shall be the price which is
not in excess of the mean of the bid and offered priced on an
established market where such security or obligation is traded on
• the date a binding contract to acquire such security or
obligation is entered into, or, if there are no bid and offered
~ prices on such date,-on the first day preceding such date for
wriich there are bid and offered pr~~es~ Such price may be
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determined by reference to any appro~riate publication, such as,
for ~example, "Composite Closing Quo~ations ~for United States
Government Securities" published by the Federal Reserve Bank of
New York. Where the price of a security or ~bligation is quoted
on an established market in terms of field, the Fair Market Value
shall be the amount n~~e~~aiy to produce such yield.
Notwithstanding the foregoinq, the Fair Maxket Value of a
security or obliga~ian may b~ establishzd by the borrowing
practices of the issuer of such security or ob~.iqation, as, for
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