77-2353.01. Public power districts; authorized investments.

408 words·~2 min read·/ne/chapter-77/77-2353-01

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In addition to other authorized investments, public power districts are authorized to invest and reinvest in:

(1)Direct obligations of or obligations guaranteed by the United States of America;

(2)bonds, debentures, or notes issued by any of the following federal agencies: Bank for Cooperatives; Federal Intermediate Banks; Federal Home Loan Bank System; Export-Import Bank of Washington; Federal Land Banks; or the Federal National Mortgage Association including participation certificates issued by such association;

(3)public housing bonds purchased on the open market, issued by public housing authorities, and fully secured as to the payment of both principal and interest by a pledge of annual contributions under an annual contributions contract or contracts with the United States of America or temporary notes issued by public housing authorities or preliminary loan notes issued by local public agencies, in each case, fully secured as to the payment of both principal and interest by a requisition or a payment agreement with the United States of America;

(4)direct and general obligations of any state within the territorial United States to the payment of the principal of and interest on which the full credit of such state is pledged;

(5)bonds, debentures, notes, or other instruments of indebtedness issued by a bank or other financial lending institution, whether public or privately owned, established by rural electric cooperatives and public power districts to provide supplemental financing in addition to financing available from the Rural Electrification Administration;

(6)bonds, debentures, notes, or other instruments of indebtedness of a nonprofit rural electric supply cooperative organization providing electric line materials and other related equipment without profit to its members, including public power districts;

(7)stocks, bonds, debentures, notes, or other instruments of indebtedness issued by an insurance carrier providing insurance coverage to such public power district;

(8)stocks, bonds, debentures, notes, or other instruments of indebtedness issued by corporations having authority to sell, lease, and service satellite television signal descrambling or decoding devices and satellite television programming; and

(9)time certificates of deposit issued by any bank, capital stock financial institution, or qualifying mutual financial institution meeting the requirements of sections 77-2354 to 77-2357 . Section 77-2366 shall apply to deposits in capital stock financial institutions. Section 77-2365.01 shall apply to deposits in qualifying mutual financial institutions.

Public power districts when authorized by their respective boards of directors are authorized to take such action as may be necessary in order to carry out the foregoing investment authorization.