Montana Board of Housing, Department of Commerce Financial Audit for the Fiscal Year Ended June 30, ... 2005
Montana Board of Housing, Department of Commerce Financial Audit for the Fiscal Year Ended June 30, ... 2005
Montana. Legislature. Legislative Audit Division
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The STIP portfolio may include asset-backed securities, commercial paper, corporate and government securities, repurchase agreements, and variable rate (floating rate) instruments. A-12 MONTANA BOARD OF HOUSING NOTES TO THE FINANCIAL STATEMENTS June 30, 2005 and 2004 NOTE 3. SECURITIES LENDING The Board of Housing invests in the State's Short-Term Investment Pool. As part of the pool administered by the Board of Investments (BOI), the Board participates in securities lending transactions. Under... GASB 28, the following disclosures are required; Under the provisions of state statutes, the BOI has, via a Securities Lending Authorization Agreement, authorized a custodial bank, State Street Bank and Trust, to lend the BOrs securities to broker-dealers and other entities with a simultaneous agreement to return the collateral for the same securities in the future. During the period the securities are on loan, BOI receives a fee and the custodial bank must initially receive collateral equal to 102% of the fair value of the loaned securities and maintain collateral equal to not less than 1 00% of the fair value of the loaned security.
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