§46-50  Short term investment of countymoneys.  The director of finance of each county may, with the approval ofthe legislative body, invest county moneys that are in excess of the amountsnecessary for the meeting of immediate requirements when in the judgment of thelegislative body the action will not impede or hamper the necessary financialoperations 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 paymentof 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 andbonds;

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

(8)  Repurchase agreements fully collateralized by anysuch 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 countyof the State;

(13)  Bank, savings and loan association, and financialservices 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 andbonds; and

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

issued with either bond insurance orovercollateralization 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 securitiesrating agency;

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

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

provided the investments are due to mature not morethan five years from the date of investment.  The income derived therefromshall be deposited in the fund or funds that the legislative body shall direct;provided that if any money invested under this section belongs to anywaterworks fund, then any income derived therefrom shall be paid into andcredited to the fund. [L 1945, c 43, pt of §1; RL 1955, §138-15; am L 1965, c40, §1; am L 1976, c 86, §1; HRS §46-50; am L 1998, c 297, §1; am L 2007, c 24,§1]