§46-50  Short term investment of county
moneys.  The director of finance of each county may, with the approval of
the legislative body, invest county moneys that are in excess of the amounts
necessary for the meeting of immediate requirements when in the judgment of the
legislative body the action will not impede or hamper the necessary financial
operations of the county in:



(1)  Bonds or interest-bearing notes or obligations:



(A)  Of the county;



(B)  Of the State;



(C)  Of the United States; or



(D)  Of agencies of the United States for which the full faith and credit of the United States are pledged for the payment
of principal and interest;



(2)  Federal land bank bonds;



(3)  Joint stock farm loan bonds;



(4)  Federal Home Loan Bank notes and bonds;



(5)  Federal Home Loan Mortgage Corporation bonds;



(6)  Federal National Mortgage Association notes and
bonds;



(7)  Securities of a mutual fund whose portfolio is
limited to bonds or securities issued or guaranteed by the United States or an agency thereof;



(8)  Repurchase agreements fully collateralized by any
such bonds or securities;



(9)  Bank savings accounts;



(10)  Time certificates of deposit;



(11)  Certificates of deposit open account;



(12)  Bonds of any improvement district of any county
of the State;



(13)  Bank, savings and loan association, and financial
services loan company repurchase agreements;



(14)  Student loan resource securities including:



(A)  Student loan auction rate securities;



(B)  Student loan asset-backed notes;



(C)  Student loan program revenue notes and
bonds; and



(D)  Securities issued pursuant to Rule 144A of
the Securities Act of 1933, including any private placement issues;



issued with either bond insurance or
overcollateralization guaranteed by the United States Department of Education;
provided all insurers maintain a triple-A rating by Standard & Poor's,
Moody's, Duff & Phelps, Fitch, or any other major national securities
rating agency;



(15)  Commercial paper with an A1/P1 or equivalent
rating by any national securities rating service; and



(16)  Bankers' acceptances with an A1/P1 or equivalent
rating by any national securities rating service;



provided the investments are due to mature not more
than five years from the date of investment.  The income derived therefrom
shall be deposited in the fund or funds that the legislative body shall direct;
provided that if any money invested under this section belongs to any
waterworks fund, then any income derived therefrom shall be paid into and
credited to the fund. [L 1945, c 43, pt of §1; RL 1955, §138-15; am L 1965, c
40, §1; am L 1976, c 86, §1; HRS §46-50; am L 1998, c 297, §1; am L 2007, c 24,
§1]