§ 30-01-020. Definitions.

As used in this investment policy:

(a)

Investment committee means a committee consisting of members of the city commission, the city manager and the finance director.

(b)

Investment officer means the finance director or his/her designee.

(c)

NASD means National Association of Security Dealers.

(d)

FDIC means Federal Deposit Insurance Corporation.

(e)

FSLIC means Federal Savings and Loan Insurance Corporation.

(f)

SIPC means Security Investment Protection Corporation,

(g)

Financial institution means a federally insured bank or savings and loan association.

(h)

Local financial institution means those with a main office or manned branch office located within the municipal corporate limits.

(i)

Time deposit means a certificate of deposit or savings certificate deposited in a federally insured bank or savings and loan association.

(j)

Net worth is as defined by the Financial Institutions Division of the Department of Commerce and Industry of the State of New Mexico.

(k)

Basis points is construed so that one hundred (100), basis points equals one (1) percent interest.

(Ord. No. 722, 10-13-87)