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About the State and Local Government Series Securities
State and Local Government Series (SLGS) securities are special purpose securities that Treasury issues to state and local governments to assist with compliance of federal tax laws and IRS regulations governing the investment of cash proceeds generated from a tax-exempt bond issuance.
Minimum: $1,000 No maximum Whole dollar amounts only
Minimum: $1,000 No maximum Does not have to be in whole dollar amounts
The State and Local Government Series (SLGS) securities program was established in 1972 as the result of federal legislation enacted in 1969 which restricted state and local governments from earning arbitrage profits by investing bond proceeds in higher yielding investments. In 1992, SLGS were centralized within the Special Investments Branch (SIB) of the Bureau of the Public Debt (now the Bureau of the Fiscal Service) in Parkersburg, WV.
SLGS securities are offered for sale to issuers of state and local government tax-exempt debt to assist with compliance of yield restriction or arbitrage rebate provisions of the Internal Revenue Code. Subscribers may invest in time deposit or demand deposit types of securities. All SLGS securities are issued in book-entry form and are non-marketable.
Subscribers can purchase SLGS securities by using SLGSafe, our secure Internet application for managing your SLGS portfolio. With SLGSafe, you’ll enjoy immediate subscription confirmation, report access, and redemption capabilities.
Funds for purchasing the security are sent through the Fedwire Funds Transfer system (Fedwire) on the issue date. Scheduled interest and redemption payments are paid through Automated Clearing House (ACH). Fedwire pays some of the proceeds of redemptions requested before maturity.
For more information about the application, see the SLGSafe FAQs
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