§ 3.25.140. Definitions.

As used in this chapter:

"Actively traded" means securities which are regularly bought and sold on the secondary market on a daily basis and for which price information is available on a regular basis.

"Agency or instrumentality of the United States," or "U.S. Government agency or instrumentality" means export-import bank of the United States, Farmers Home Administration (FNMA), Government National Mortgage Association (GNMA), Small Business Administration (SBA), Student Loan Market Association (SLMA), United States Postal Service, or their successors, or such agencies of the United States government whose obligations are guaranteed by the full faith and credit of the United States Government.

"Bank" means an institution which is chartered or otherwise authorized to conduct business as a bank by, and regulated by an agency of the United States government or of any state of the United States, having insurance of accounts through the appropriate insuring agency of the United States and which maintains a main or branch office within the United States.

"Bankers acceptance" means an order to pay a certain amount of money on a certain date and bearing an unconditional promise of a bank to pay the draft at maturity.

"Delivery versus payment" means a situation where the purchased securities or the securities used as collateral are delivered to a custodial bank before payment is made by the purchaser.

"Financial institution" means a bank, savings and loan association, or securities dealer.

"Immediate family" of a person means the person's wife or husband, son or daughter, mother or father, brother or sister, aunt or uncle, niece or nephew, grandmother or grandfather, grandchild, and anyone residing in the person's household on a regular basis.

"Money market mutual fund" means a mutual fund which maintains a constant share price regardless of market fluctuations and which has an average maturity of its entire portfolio of sixty days or less.

"Repurchase agreement" means a short term transaction consisting of the purchase of a security with the promise to return it at a later date.

"Savings and loan association" means an institution chartered or otherwise authorized to do business as a savings and loan association by, and regulated by an agency of the United States government or of any state of the United States, having insurance of accounts through the appropriate insuring agency of the United States and which maintains a main branch or office within the United States of a permanent basis.

"Securities dealer" means a person, partnership, corporation or other entity licensed by the Securities and Exchange Commission to deal in secondary financial markets, which is a member of the New York Stock Exchange, and which maintains a main or branch office within the United States on a permanent basis.

"U.S. Treasury Securities" means bills, notes and bonds issued directly by the United States Treasury through the Federal Reserve System, and guaranteed by the full faith and credit of the United States Government.

(Ord. 95-4 (part), 1995).