1. (1) For the purposes of this part 9, unless the context otherwise requires:

   1. (a) The interest of a participating local government in a local government investment pool trust fund is a security, as defined by section 11-51-201 (17); and
   2. (b) The solicitation of a local government to participate in a local government investment pool trust fund constitutes an offer to sell a security, as defined by section 11-51-201 (13)(c), by the trust fund to the local government, and the consummation of an agreement to participate in a local government investment pool trust fund constitutes a sale of a security, as defined by section 11-51-201 (13)(a), by the trust fund to the local government.

Source: L. 93: Entire part added, p. 327, § 4, effective July 1.