State and local government series (SLUGs)
Definition: [crh] Special nonmarketable certificates, notes, and bonds offered to state Definition: and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. Slugs are offered in both Definition: REF="/?rd=time+deposit">time deposit and demand deposit forms. Time deposit certificates have maturities of up to one year. Notes mature in one to teDefinition: n years and bonds mature in more than ten years. Demand deposit securities are one-day certificates rolled over with a rate adjustment daily.
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