If a Reserve Bank elects to present direct
to the payor a bill, note, or warrant that is issued and payable by
a state or a political subdivision and that is a cash item not payable
or collectible through a bank—
(a) Sections 210.9, 210.12,
and 210.13 and the operating circulars of the Reserve Banks apply
to the payor as if it were a paying bank;
(b) Section 210.14
applies to the payor as if it were a bank; and
(c) Under section
210.9 each day on which the payor is open for the regular conduct
of its affairs or the accommodation of the public is considered a
banking day.
