Kan. Admin. Regs. Agency 103 — Office of the State Bank Commissioner

Article 1 Security for Deposit of Public Funds

Kan. Admin. Regs. § 103-1-1 Security for deposit of public funds

The market value of negotiable promissory notes secured by first lien mortgages on real estate and pledged and assigned by a bank or savings and loan association as security for deposits of municipal or quasi-municipal corporations shall be determined in the following manner:

(1) Determine the average interest rate for all such notes pledged by the institution;

(2) Obtain the current GNMA bid rate for comparable obligations; and

(3) Multiply the total of real estate loans pledged by the GNMA bid quotation to ascertain the current value of the pledged real estate loans.

***** Authenticated Kansas Administrative Regulation *****

History

• History: (Authorized by and implementing K.S.A. 9-1402; effective, T-83-18, July 1, 1982; effective May 1, 1983.)