§ 35-4-4.4 - State Linked Deposit Policy – Exceptions.
SECTION 35-4-4.4
§ 35-4-4.4 State Linked Deposit Policy– Exceptions. – (a) Nothing in §§ 35-4-4.1 – 35-4-4.6 shall be construed as torequire the state, or its agencies and instrumentalities, to liquidate existingfunds on deposit prior to their maturity date(s) in order to comply with§§ 35-4-4.1 – 35-4-4.6.
(b) Sections 35-4-4.1 – 35-4-4.6 are not applicable withrespect to funds on deposit that were received from the proceeds of either bondor note offerings that have received ratings from at least one national creditrating service of at least A-1 or MIG 1 with respect to short-term borrowingsor A with respect to long-term borrowings. In determining which financialinstitutions shall hold these investments, preference shall be given to thosefinancial institutions that have achieved an "outstanding" CRA rating.