This part uses the following terms in the manner described in this section:

1. (1) “Ark. Code Ann.” or “Arkansas Code” means Arkansas Code Annotated of 1987, replacements thereof, and supplements thereto;
2. (2) “Ark. Const. of 1874” means the Arkansas Constitution of 1874;

3. (3) “Authorized dealers” means those dealers who are:

   1. (A) Specifically approved by the State Board of Finance; or
   2. (B) Approved by the Treasurer of State in accordance with eligibility requirements as established by the State Board of Finance;
4. (4) “Authorized or designated investment officers” means officers designated by the Treasurer of State as being authorized to carry out investment functions on behalf of the State Treasury;
5. (5) “CDARS” means Certificate of Deposit Account Registry Service;
6. (6) “Financial institution” means a “bank” and/or “savings and loan association” as defined in Arkansas Code § 19-3-502;

7. (7)

   1. (A) “Investment grade” means the quality of an issuer’s credit as rated by an NRSRO.
   2. (B) Each NRSRO uses different nomenclature.
   3. (C) In the context of long-term debt instruments, to be considered an investment grade issue, an issuer must be rated at BBB (or the equivalent) or higher.
   4. (D) In the context of short-term debt instruments, to be considered an investment grade issue, an issuer must be rated at A2/P2 (or the equivalent) or higher;

8. (8)

   1. (A) “NRSRO” means nationally recognized statistical rating organization.
   2. (B) These are credit rating agencies approved by the United States Securities and Exchange Commission to provide information that financial firms must rely upon for regulatory purposes and credit analysis.
   3. (C) The current list of NRSROs can be found at: https://www.sec.gov/ocr/ocr-current-nrsros.html; and

9. (9)

   1. (A) “Total portfolio” as referenced in the Treasury Funds Policy (19 CAR § 11-201 et seq.) means treasury funds available for investing.
   2. (B) It does not include trust certificates of deposit, certificates of deposit purchased in accordance with the State Treasury Certificate of Deposit Investment Program, the State Treasury Money Management Trust Act, Arkansas Code § 19-3-601 et seq. (except for the amount of any State Treasury funds deposited therein pursuant to Arkansas Code § 19-3-603(3)), or funds invested pursuant to the Tobacco Settlement Proceeds Act, Arkansas Code § 19-12-101 et seq.