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example, by determining the Fair Market Value based on the
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interest ordinarily paid by such issuer to persons other than
governmental units with xespect to securities or obligations of
' comparable maturities. The market price of a time or. demand
deposit shall be determined under the precedinc~ sentence by
taking into account the Yield that would be paid by the obligor ~
if the deposit were held as an interest-bearing deposit for the
expected period c~f the deposit (e.g., a time deposit). If the
price paid for an obligatian is lower than the mean market price,
such lower price shafl bs the Fair Market Value. If the price
paid for an obligation is higher than the mean market price, such
higher price may be used as the market price only if the
obligation is acquired in an arm's-length transaction without
regard to any amount paid to reduce the Yield on the obligation.
Notwithstanding anything to the contrary in this Section, if a
; United States Treasury obligation is acquired ciirectly from the
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United States Treasury, such acquisition shall be treated as
establishing a market for such obligation and as establishing,the
. Fair Marke~ Value of such obligation.
(c) Except to the extent provided in paragraphs (d) and (e)
below, any security or obligation fe~ which there is not an =
established marke~ ~hall be cnnsidered acquired for an amount in
excess of ~he Fair Mar3cet Valve of S4Gh security or Abligatiion,
and therefore an impermissible investment of Gross Pro~eeds.
(d~ In the case of a certificate of deposit issued by a
commercial bank for which thexe is na active secondary ~arket,
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