3.34.020 Definitions.
As used in this chapter:
A. “Authorized investment” is as defined in PMC 3.34.030.
B. “Bank” means a state or federally chartered commercial or mutual bank, savings and loan association or credit union located in the United States and having insurance of accounts through the appropriate insuring agency of the United States.
C. “Certificate of deposit” means a nonnegotiable certificate of deposit or other depository agreement issued, or to be issued, to the city by a bank.
D. “City” means the city of Palmer, Alaska.
E. “Government obligations” means interest-bearing obligations of the United States, or for the payment of principal and interest on which the full faith and credit of the United States is pledged.
F. “Moody’s” means Moody’s Investment Service, its successors and assigns, or, if such organization shall be dissolved or liquidated or shall no longer perform the functions of a securities rating organization, any other nationally recognized securities rating organization designated by the city manager.
G. “Rated bank” means a bank:
1. Whose short-term obligations are rated, at all times, “A-1” or better by S&P, and “P-1” or better by Moody’s; or
2. Whose letters of credit secure third-party debt issues rated at least “A” by S&P or Moody’s; or
3. Which is a subsidiary of a one-bank holding company, all of whose commercial paper has the highest rating given by S&P or Moody’s or whose long-term debt issues are rated at least “A” or its equivalent by S&P or Moody’s.
H. “S&P” means Standard and Poor’s Ratings Group, its successors and assigns, or, if such organization shall be dissolved or liquidated or shall no longer perform the functions of a securities rating organization, any other nationally recognized securities rating organization designated by the city manager. (Ord. 585 § 4, 2002)