Purchase and Sale of Securities

Purchase and Sale of Securities. Direct United State Treasury obligations and United States Government Agency obligations must be purchased from qualified depositories of the State of Mississippi or registered Mississippi investment brokers who are members in good standing of or eligible for membership in the National Association of Securities Dealers (NASD), or from state and national banks qualified to do business in the State of Mississippi. Certificates of deposits must be purchased from qualified depositories of the State of Mississippi. At least eighty percent (80%) of the total dollar amount of all repurchase agreements entered into by any governmental entity investing funds governed by this regulation must be pursuant to contracts with qualified depositories of the State of Mississippi. Any remaining repurchase agreements may be entered into pursuant to contracts with investment brokers licensed by the State of Mississippi who are members in good standing of the National Association of Securities Dealers (NASD), or from state and national banks qualified to do business in the State of Mississippi.