[Code of Federal Regulations]
[Title 43, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR29.11]

[Page 473-474]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
PART 29--TRANS-ALASKA PIPELINE LIABILITY FUND--Table of Contents
 
Sec. 29.11  Investment.

    (a) The monies accumulated in the Fund shall be prudently invested 
in the following types of income-producing obligations having a high 
degree of reliability and security, or in such other obligations as the 
Secretary may approve:
    (1) Fixed income securities issued by the United States or any of 
its agencies, at the same interest rates and terms available to private 
investors; and
    (2) Fixed income securities or obligations issued by a corporation 
or issued or guaranteed by a State or local government or any political 
subdivision, agency or instrumentality thereof, provided such 
obligations have a rating by Standard and Poors, or Moody, of ``A'' or 
better, or an equivalent rating, or provided further that the security 
or obligation is of the same priority as another security or obligation 
of the same issuer which has been rated ``A'' or better, and provided 
that the portfolio has an overall rating of ``AA.'' Provided, however, 
That no securities or obligations of the permittees or their affiliates 
or of any investment advisor or custodian to the Fund, or their 
affiliates may be purchased or held by the Fund.

[[Page 474]]

    (3) Time certificates of deposit and commercial paper provided that 
the commercial paper has a rating of either ``A1'' or ``P1'' or both.
    (b) No more than two percent of the total principal amount 
outstanding of fixed income obligations of a single issuer may be held 
by the Fund at any one time, Provided, however, That this restriction 
shall not apply to obligations of the United States or any of its 
agencies.