Rule 2.59.422 - INVESTMENT RULE - REVENUE BONDS(1) Credit unions may invest, without limitation, in revenue bonds issued by the state of Montana or its political subdivisions. (2) Credit unions may invest up to 40 percent of their net worth, per issuer, in revenue bonds issued by any other state or its political subdivisions whereby the obligations are payable from pledged fee or tax revenue from designated sources. (a) The issuing body must not have been in default regarding the payment of principal or interest on any of its obligations within five years preceding the date of the investment. (b) The obligations must be rated investment grade or higher by a recognized national investment rating organization. Other rating services may be used if the gradations are equivalent to those above, and the rating services are identified by the credit union's investment policy. (3) Credit unions may invest up to 20 percent of their net worth, per issuer, in industrial development revenue obligations issued by a Montana political subdivision when repayment is dependent upon a nongovernmental obligor and when such issues are consistent with the commercial lending policy of the credit union.NEW, 2016 MAR p. 720, Eff. 4/23/2016AUTH: 32-3-401, 32-3-422, MCA; IMP: 32-3-401, 32-3-422, MCA