2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 73 - Municipalities Investments
7303 - Government obligations.

     § 7303.  Government obligations.
        Obligations of the following governmental bodies shall be
     authorized investments:
            (1)  United States.--Obligations of the United States or
        the United States Treasury or those for the payment of which
        the faith and credit of the United States is pledged,
        including obligations of the District of Columbia. The
        obligations may be held directly or in the form of securities
        of or other interest in any open-end or closed-end
        management-type investment company or investment trust
        registered under the Investment Company Act of 1940 (54 Stat.
        789, 15 U.S.C. § 80a-1 et seq.), if the portfolio of the
        investment company or investment trust is limited to such
        obligations and repurchase agreements fully collateralized by
        such obligations.
            (2)  Pennsylvania.--Obligations of the Commonwealth of
        Pennsylvania or those for the payment of which the faith and
        credit of the Commonwealth is pledged.
            (3)  State and local government.--Obligations of any
        commonwealth or state of the United States, or any county,
        city, borough, town, township, school district, institution
        district, or other political subdivision, having the power to
        levy taxes, of any such commonwealth or state: Provided, That
        the faith and credit of such commonwealth, state, or
        political subdivision thereof, is pledged for the payment of
        said obligations: And provided further, That at the date of
        the investment in such obligations, such commonwealth, state,
        or political subdivision, is not in default in the payment of
        any part of the principal or interest owing by it upon any
        part of its funded indebtedness.
            (4)  International bank for reconstruction and
        development.--Bonds, notes or other obligations issued,
        assumed or guaranteed by the International Bank for
        Reconstruction and Development which contain an unconditional
        promise to pay by the International Bank for Reconstruction
        and Development, or an unconditional guarantee by the
        International Bank for Reconstruction and Development of the
        payment of the interest thereon regularly, and the principal
        thereof on or before a specified date, in lawful currency of
        the United States. Not more than 2% of the funds in the
        custody or under the control of the fiduciary at the time of
        making the investment shall be invested in such bonds, notes
        or obligations. The principal office of the obligor shall be
        located within the United States.
     (July 14, 1988, P.L.553, No.99, eff. imd)

        1988 Amendment.  Act 99 amended par. (1).
        Cross References.  Section 7303 is referred to in section
     7309 of this title.