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<br />e <br /> <br />e <br /> <br />investments acquired must mature no later than the expiration date stated in the reverse <br />security repurchase agreement. <br /> <br />D. Banker's Acceptances <br /> <br />1. A banker's acceptance is an authorized investment under this subchapter if the banker's <br />acceptance: <br /> <br />a) has a stated maturity of 270 days or fewer from the date of its issuance; <br /> <br />b) will be, in accordance with its terms, liquidated in full at maturity; <br /> <br />c) is eligible for collateral for borrowing from a Federal Reserve Bank; and <br /> <br />d) is accepted by a bank organized and existing under the laws of the United States or <br />any state, if the short-term obligations of the bank, or of a bank holding company of <br />which the bank is the largest subsidiary, are rated not less that A-lor P-I or an <br />equivalent rating by at least one nationally recognized credit rating agency. <br /> <br />E. Commercial Paper <br /> <br />1. Commercial paper is an authorized investment under this subchapter if the commercial <br />paper; <br /> <br />a) has a stated maturity of270 days or fewer from the date of its issuance; and <br /> <br />b) is rated not less than A-lor P-l or an equivalent rating by at least; <br /> <br />c) two nationally recognized credit rating agencies; or <br /> <br />d) one nationally recognized credit rating agency and is fully secured by an irrevocable <br />letter of credit issued by a bank organized and existing under the laws of the United <br />States or any state. <br /> <br />F. Mutual Funds <br /> <br />1. A no-load money market mutual fund is an authorized investment under this subchapter <br />if the mutual fund: <br /> <br />a) is registered with and regulated by the Securities and Exchange Commission; <br /> <br />b) provides the investing entity with a prospectus and other information required by the <br />Securities and Exchange Act of 1934 (15 U.S.C. Section 80a-l et seq.); <br /> <br />c) has a dollar-weighted average stated maturity of 90 days or fewer; and <br /> <br />d) includes in its investment objectives the maintenance of a stable net asset value of $1 <br />for each share. <br /> <br />2. In addition to a no-load money market mutual fund permitted as an authorized investment <br />in Subsection 1, a no-load mutual fund is an authorized investment under this Section if <br />the mutual fund: <br /> <br />6 <br />