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Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 400.2504. Deposits

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Special accounts.--Money appropriated to the program may be deposited by the authority in banks or trust companies in special accounts.

(1) Funds in the special accounts may be prudently invested in:

(i) Obligations of the United States Government, its agencies and instrumentalities, which have a liquid market with a readily determinable market value.

(ii) Certificates of deposit and other evidences of deposit at financial institutions, bankers' acceptances and commercial paper rated in the highest tier (for example, A1, P1, F1 or D1 or higher) by a nationally recognized rating agency.

(iii) Obligations of state and local governments and of public authorities, which obligations are rated in one of the top three rating categories by a nationally recognized rating agency.

(iv) Repurchase agreements whose underlying purchased securities consist of the foregoing.

(v) Money market funds regulated by the Securities and Exchange Commission having aggregate assets of at least $50,000,000 on the date of investment and whose portfolio may consist only of dollar-denominated securities.

(2) Investments shall be made with judgment and care under circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation but for investment, considering the probable safety of their capital as well as the probable income to be derived.

(3) Investments shall be made in accordance with written policies. Such investment policies shall address liquidity, diversification, safety of principal, yield, maturity and quality and the capability of investment management, with primary emphasis on safety and liquidity.

(b) Disbursements.--Money in accounts under subsection (a) shall be paid out on order of the authority.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 400.2504. Deposits - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-73-ps-trade-and-commerce/pa-st-sect-73-400-2504/

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