129.06 COLLATERAL SECURITIES.

   (a)    "Collateral Securities" means securities maturing within five years from the date of their pledge and includes the following:

      (1)    Bonds, notes or other direct obligations of the United States of America, or bonds, notes, or other obligations guaranteed as to principal and interest by the United States of America or those for which the faith of the United States of America is pledged for the payment of principal and interest thereon, by language appearing in the instruments specifically providing such guarantee of pledge and not merely by interpretation or otherwise;

      (2)    Bonds, notes, debentures or other obligations or securities issued by any federal government agency, or the Export-Import Bank of Washington, bonds, notes or other obligations guaranteed as to principal and interest by the United States of America or those for which the faith of the United States of America is pledged for the payment of principal and interest thereon, by interpretation or otherwise and not by language appearing in the instruments specifically providing such guarantee or pledge;

      (3)    Bonds and other obligations of this State and of any county, township, school district, municipal corporation, or other legally constituted taxing subdivision of this State, which is not at the time of such deposit in default in the payment of principal or interest on any of its bonds or other obligations, and for which the full faith and credit of the issuing subdivision is pledged;

      (4)    Bonds of other states of the United States of America for which the full faith and credit of the state is pledged, which states have not during the ten years immediately preceding the time of such deposit defaulted in payments of either interest or principal on any of their bonds.

         (Ord. 2004-178. Passed 12-7-04.)