[CSMFO Members] Investment Policy

[Kay Taylor]

Hi there---I need some clarification on terminology.  Are Corporate Bonds 
the same thing as Commercial paper?  I have been told that we can invest in 
Corporate bonds to a maximum of 15% and nothing I have lists Corporate 
Bonds as permitted investments.  Please point me in the right direction 
and, if you would, give me a good description of Corporate Bonds.

Thanks Much
Kay A Taylor
Accounting Manager
So Tahoe PUD
[EMAIL PROTECTED]