Guaranteed Investment Contracts. The purchase price of a Guaranteed Investment Contract is treated as its fair market value on the purchase date if all of the following requirements are met:
Guaranteed Investment Contracts. If the investment is a guaranteed investment contract, the winning bid is the highest yielding bona fide bid (determined net of any broker's fees).
Guaranteed Investment Contracts. Trust investments in guaranteed investment contracts ("GICs") shall be subject to the following limitations:
Guaranteed Investment Contracts. The City is applying Regulations § 1.148- 5(d)(6)(iii)(A) (relating to electronic bidding of Guaranteed Investment Contracts) to the Certificates. The purchase price of a Guaranteed Investment Contract is treated as its fair market value on the purchase date if all of the following requirements are met:
Guaranteed Investment Contracts. Provides the district with a prospectus and other information required by the Securities and Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.); and
Guaranteed Investment Contracts. A Guaranteed Investment Contract is a Nonpurpose Investment that has specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate, and also includes any agreement to supply Investments on two or more future dates (e.g., a forward supply contract). The purchase price of a Guaranteed Investment Contract is treated as its Fair Market Value on the purchase date if:
Guaranteed Investment Contracts. In accordance with the Public Funds Investment Act or applicable laws, proceeds from the issuance of, or entering into, Obligations may be invested in one or more guaranteed investment contracts as authorized by law. In the event that the Corporation Representative determines that it would be in the best interests of the Corporation to invest part or all of the amounts in the Project Fund in a guaranteed investment contract, the Corporation Representative shall ensure that the Corporation complies with the requirements of such laws.
Guaranteed Investment Contracts. The Issuer and the Borrower are applying Regulations § 1.148-5(d)(6)(iii)(A) as amended by the Proposed Regulations (relating to electronic bidding of Guaranteed Investment Contracts to the Bonds. The purchase price of a Guaranteed Investment Contract is treated as its fair market value on the purchase date if all of the following requirements are met:
Guaranteed Investment Contracts. Agreements or contracts for guaranteed investment contracts may be entered into if they are issued or guaranteed by United States commercial banks, domestic branches of foreign banks, United States insurance companies, or their Canadian subsidiaries, or the domestic affiliates of any of the foregoing. The credit quality of the issuer's or guarantor's short- and long-term unsecured debt must be rated in one of the two highest categories by a nationally recognized rating agency. Should the issuer's or guarantor's credit quality be downgraded below "A", the government entity must have withdrawal rights.
Guaranteed Investment Contracts. A Guaranteed Investment Contract is a Nonpurpose Investment that includes specifically negotiated withdrawal or reinvestment provisions and a specifically negotiated interest rate, and also includes any agreement to supply Investments on two or more future dates (e.g., a forward supply contract). The purchase price of a Guaranteed Investment Contract (other than one for a yield-restricted defeasance escrow, which has additional requirements as well) is treated as its Fair Market Value on the purchase date if:
(i) The Corporation makes a bona fide solicitation (described below) for a specified Guaranteed Investment Contract and receives at least three bona fide bids from providers that have no material financial interest in the issue (e.g., as underwriters, brokers, financial advisors or their related parties);
(ii) at least three bids are from reasonably competitive providers (described below);
(iii) if the Corporation uses an agent to conduct the bidding process, the agent did not bid to provide the investment;
(iv) The Corporation purchases the highest-Yielding Guaranteed Investment Contract for which a qualifying bid is made (determined net of broker’s fees);
(v) The obligor on the Guaranteed Investment Contract certifies the administrative costs that it is paying (or expects to pay) to third parties in connection with the Guaranteed Investment Contract; and
(vi) The Corporation retains the following records with the bond documents until three (3) years after the last outstanding bond is redeemed: (1) a copy of the contract, and (2) the receipt or other record of the amount actually paid by the Corporation for the investments, including a record of any administrative costs paid by the Corporation, and the certification of the provider as to administrative costs; and (3) for each bid that is submitted, the name of the person or entity submitting the bid, the time and date of the bid, and the bid results; and (4) the bid solicitation form and, if the terms of the contract deviated from the bid solicitation form or a submitted bid is modified, a brief statement explaining the deviation and stating the purpose for the deviation. A “bona fide” solicitation must satisfy all of the following requirements: (i) the bid specifications are in writing and are timely forwarded to potential providers; and (ii) the bid specifications include all material terms of the bid; a term is material if it may directly or indirectly affect the yield or the cost of the investmen...
