C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 344—U.S. TREASURY SECURITIES—STATE AND LOCAL GOVERNMENT SERIES › Subpart A—General Information

31 C.F.R. § 344.0

What does this part cover?

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(a) What is the purpose of the SLGS securities offering? The Secretary of the Treasury (the Secretary) offers for sale non-marketable State and Local Government Series (SLGS) securities to provide issuers of tax-advantaged bonds with investments from any eligible source of funds (as defined in § 344.1) to assist issuers in complying with applicable provisions of the Internal Revenue Code.

(b) What types of SLGS securities are governed by this part? This part governs the following SLGS securities:

(1) Time Deposit securities—may be issued as:

(i) Certificates of indebtedness;

(ii) Notes; or

(iii) Bonds.

(2) Demand Deposit securities—may be issued as certificates of indebtedness.

(c) In what denominations are SLGS securities issued? SLGS securities are issued in the following denominations:

(1) Time Deposit securities—a minimum amount of $1,000, or in any larger whole dollar amount; and

(2) Demand Deposit securities—a minimum amount of $1,000, or in any larger amount, in any increment.

(d) How long is the offering in effect? The offering continues until terminated by the Secretary.

[70 FR 37911, June 30, 2005, as amended at 89 FR 15447, Mar. 4, 2024]
Notes of Decisions
Cited in 1 case, 2004–2004 · leading case: United States of Am. Ex Rel. Michael Lissack v. Sakura Global Capital Markets, Inc. & Mitsui Taiyo Kobe Global Capital, Inc., 377 F.3d 145 (2d Cir. 2004).
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United States of Am. Ex Rel. Michael Lissack v. Sakura Global Capital Markets, Inc. & Mitsui Taiyo Kobe Global Capital, Inc., 377 F.3d 145 (2d Cir. 2004). “” 31 C.F.R. § 344.0 (a). 3 . "The flexibility of the SLGS securities program provides issuers with an opportunity to structure their advance refunding escrows to achieve maximum efficiency while ensuring that investments acquired with bond proceeds do not earn a materially…”
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