R628-22-4. Definitions

For purposes of this rule the following terms are defined in Section 51-7-3 of the Act and when used in this rule have the same meaning as in the Act: (1) Council; (2) Public funds; (3) Public treasurer; (4) Certified dealer; and (5) Certified investment adviser. "Negotiable brokered certificate of deposit" means: a certificate of deposit issued by a financial institution that is guaranteed by the applicable federal deposit insurance limit and that can be sold in a secondary market, but cannot be cashed in before maturity. "Step up" negotiable brokered certificates of deposit means: the interest rate automatically increases at specified intervals. "SOFR" means: Secured Overnight Financing Rate, which is a benchmark interest rate or SOFR's subsequent replacement.