ENDOWMENT CARE FUNDS
The following classes of securities are approved for investment of moneys deposited in endowment care funds after July 5, 1947, up to the indicated maximum percentage of the total endowment care funds: Class of Security -- Permitted Percentage of Total Endowment Care Fund:
(1) United States Government Bonds and Federal Agency paper -- 100 percent.
(2) Savings deposits and time certificates of deposit with financial institutions to the extent the deposit is fully insured by an agency of the federal government -- 100 percent.
(3) Savings deposits and time certificates of deposits with financial institutions in amounts exceeding federal insurance provisions, to the extent such funds are collateralized by corporate or municipal bonds bearing a rating of BAA or higher -- 100 percent.
(4) Corporate Bonds -- Industrial, bearing Grade AAA, AA, or A rating -- 100 percent.
(5) Corporate Bonds -- Utilities, bearing Grade BAA or higher -- 25 percent.
(6) First mortgages on real property, except those where the mortgagor is any cemetery association, business, or authority as defined in ORS 97.010, or any officer, director, employee, or other associate thereof -- 50 percent.
(7) Investment Companies registered under the Investment Companies Act of 1940 which restrict their investments to the following fixed income instrument: obligations of the U.S. government and its agencies; obligations of Federal Reserve member banks; and commercial paper rated A-1 or P-1, and corporate bonds, excluding convertibles --100 percent.
(8) Corporate stock listed on the New York Stock Exchange, or bank stock, where the corporation has shown growth in earnings during 4 out of the past five years -- 25 percent.
(9) Investment Companies registered under the Investment Companies Act of 1940 -- 25 percent.