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amountsobtainedthroughselling securities bywayofreverserepurchaseagreements, securities lending <br />agreements,orothersimilarborrowingmethods. <br />(F)Forpurposesofthissection,thespreadisthedifferencebetweenthe cost offundsobtainedusingthe <br />reverserepurchaseagreementandtheearningsobtainedonthereinvestmentofthefunds. <br />(k)Medium-termnotes,definedasallcorporate anddepositoryinstitutiondebtsecuritieswith a maximum <br />remainingmaturityoffiveyearsor less, issuedbycorporationsorganizedandoperatingwithintheUnited <br />Statesorbydepositoryinstitutions licensed bytheUnitedStatesoranystateandoperatingwithinthe <br />UnitedStates.Noteseligibleforinvestmentunderthissubdivisionshallberated“A”orbetterbyanNRSRO. <br />Purchasesofmedium-termnotesshallnotincludeotherinstrumentsauthorizedbythis section andshallnot <br />exceed 30percentof theagency’smoneysthatmaybeinvestedpursuanttothissection. <br />(l)(1)Sharesofbeneficialinterestissuedbydiversifiedmanagementcompaniesthatinvestinthe securities <br />andobligationsasauthorizedbysubdivisions(a)to(k),inclusive,andsubdivisions(m)to(q),inclusive,and <br />thatcomplywiththeinvestmentrestrictionsofthisarticleandArticle 2 (commencingwithSection53630). <br />However,notwithstandingthese restrictions, a counterpartyto a reverserepurchaseagreementorsecurities <br />lending agreementisnotrequiredtobe a primarydealeroftheFederalReserveBankofNewYorkifthe <br />company’sboardofdirectorsfindsthatthecounterpartypresents a minimalriskofdefault,andthevalueof <br />thesecuritiesunderlying a repurchaseagreementorsecuritieslendingagreementmaybe100percentof <br />thesalespriceifthesecuritiesaremarkedtomarketdaily. <br />(2)Sharesofbeneficialinterestissuedbydiversifiedmanagementcompaniesthataremoneymarketfunds <br />registeredwiththeSecuritiesandExchangeCommissionundertheInvestmentCompany Act of1940(15 <br />U.S.C. Sec. 80a-1 etseq.). <br />(3)Ifinvestmentisinsharesissuedpursuanttoparagraph(1),thecompanyshallhavemeteitherofthe <br />followingcriteria: <br />(A)Attainedthehighestrankingorthehighestletterandnumericalratingprovidedbynot less thantwo <br />NRSROs. <br />(B)RetainedaninvestmentadviserregisteredorexemptfromregistrationwiththeSecuritiesandExchange <br />Commissionwithnotlessthanfiveyears’experienceinvestinginthe securitiesandobligationsauthorized <br />bysubdivisions(a)to(k),inclusive,andsubdivisions(m)to(q),inclusive,andwith assets under <br />managementin excess offivehundredmilliondollars($500,000,000). <br />(4)Ifinvestmentisinsharesissuedpursuanttoparagraph(2),thecompanyshallhavemeteitherofthe <br />followingcriteria: <br />(A)Attainedthehighestrankingorthehighestletterandnumericalratingprovidedbynot less thantwo <br />NRSROs. <br />(B)RetainedaninvestmentadviserregisteredorexemptfromregistrationwiththeSecuritiesandExchange <br />Commissionwithnotlessthanfiveyears’experiencemanagingmoneymarketmutualfundswith assets <br />undermanagementin excess offivehundredmilliondollars($500,000,000). <br />(5)Thepurchasepriceofsharesofbeneficialinterestpurchasedpursuanttothissubdivisionshallnot <br />includecommissionthatthecompaniesmaychargeandshallnotexceed20percentoftheagency’s <br />moneysthatmaybeinvestedpursuanttothis section. However,nomorethan10percentoftheagency’s <br />fundsmaybeinvestedinsharesofbeneficialinterestofanyonemutualfundpursuanttoparagraph(1). <br />(m)Moneysheldby a trusteeorfiscalagentandpledgedtothepaymentor security ofbondsorother <br />indebtedness,orobligationsunder a lease,installmentsale,orotheragreementof a localagency,or <br />certificatesofparticipationinthosebonds,indebtedness,orleaseinstallmentsale,orotheragreements, <br />maybeinvestedin accordance withthestatutoryprovisionsgoverningtheissuance of thosebonds, <br />indebtedness,orleaseinstallmentsale,orotheragreement,ortotheextentnotinconsistenttherewithorif <br />*´«¸ ΐǾ ΑΏΐ9- <br />C¨³¸ ®¥ 3 ­³  ȃ !­­´ « <br />0 ¦¤ 33 <br />3³ ³¤¬¤­³ ®¥ )­µ¤²³¬¤­³ 0®«¨¢¸*´­¤ ΒΏǾ ΑΏ20 <br /> <br />