To those of you who have purchased Yankee CD's into your investment portfolio, what authority have you relied upon to do so? State statute provides that treasurers may invest in CD's issued by a state-licensed branch of a foreign bank. Do you believe the term "state" refers to the state of California or any state? Please advise as to your interpretation of section 53601(h) or other authoritative guidance you have relied upon to purchase Yankee CD's. Thank you in advance for your consideration. Marc Puckett Director of Finance City of Costa Mesa
