Same: Bonds Issued by National Governments Other than The United States

Bonds and other evidences of indebtedness which are direct obligations of, or secured by, the full faith and credit of national governments other than the United States, where there exists the power to levy taxes for the prompt payment of the principal and interest of such bonds or evidences of indebtedness, provided that:

(a)the issuer shall not be in default in the payment of principal or interest on any bonds or other evidences of indebtedness; and

(b)the investment agent determines that such an investment would be employed by a prudent person acting in a like capacity and familiar with such matters would use in the investment of a fund with like character and with like aims; and CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(c)no investment shall be made in any one

(1)issue described in this Section in an amount in excess of ten percent (10%) of such issues.

(d)Bonds authorized under this Section may be purchased and held in investment funds authorized under § 8158, or in exchange-traded funds authorized under § 8158.1; such purchases shall be excluded from the limitations of § 8158(e) and § 8158.1(b).