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I investment cantract or repurchas~ agreeme;~t is ~ntered into,
obligations will not be acquired pursuant to such ir?vestment
contract or repurchase agreement at a price in excess of
their Fair Market Value or sold pursu~nt to the investment
contract or repurchase agreement at a price less than their
Fair Mar}cet Value;
(iii) the Yield on the investment contract or repurchase
agreement is at least equal~ to the Yield offered under the
high~st bid received From a noninterested party; and
(iv) the Yield on the investmenfi contract or repurchase
agreement is at least equal to the Yield offered on similar
obligations und~r similar investment contracts or repurchase
agreements.
(f) in the case of a repurchase agreement with a term not
greater than one month or involving the investment of not greater
than 1$ of Gross Proceeds, the repurchase agr~ement ahall b~
considerecl acquired for an amuunt equal to the Fair Market Value
of such repurchase agreement if the repurc~ase agreement has a
Yield as high or higher than the Yield on comparable obligations
offered by the United States Treasury.
- SECTION 5. C02~OSITE YIELD CALCULATIOK. Computation of
Yield may be performed on a com~osi~e basis for a21 Nonpurpose
Investments in order to dete~mine satisfactian of the
~ requirements of Secti~on 3 hereof.
~ECTION 6. FUNDS A~1D ACGOUNTS SUBJECT TO REH~ATF. ~'he basic
princ~ple o€ the rebate rec~airement is that it must be determined
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