Pursuant to Section 25-43-5(l)(b), the following District policies and rules of practice regarding investments, approval and selection of official depositories and the like are hereby adopted.
Such funds shall be offered to qualified depositories of the District having combined capital and surplus account or regulatory net worth of $1 million or more on a competitive basis for certificates of deposits in such amount or amounts as may be designated by the District with maturities not longer than 13 months. The amount of any deposit which is in excess of $100,000 shall be secured to the extent required by Law by obligations of the United States of America or by general obligation or highway bonds of the State of Mississippi. The maximum amount to be held in certificates of deposit with any one commercial bank depository shall be 10[CENT] of its combined capital and surplus account, or $500,000 whichever is less. The maximum amount to be held in certificates of deposit with any other qualified depository shall be $100,000.
Provided that bond proceeds, funds held for current operations, and other funds for which no acceptable certificate of deposit can be obtained may be invested in direct obligations issued by or guaranteed in full as to principal and interest by the United States of America or in such other types of interest bearing accounts as may be authorized by law, to be secured to the extent and in the manner required by law.
6 Miss. Code. R. 401-1.12