src/BondDepository.sol

@@ -161,11 +161,6 @@ contract GhostBondDepository is IBondDepository, NoteKeeper {
             msg.sender != IGhostAuthority(AUTHORITY).policy()
         ) revert NotGuardianOrPolicy();
 
-        if (
-            !ITreasury(TREASURY).registered(ITreasury.STATUS.RESERVETOKEN, _quoteToken) &&
-            !ITreasury(TREASURY).registered(ITreasury.STATUS.LIQUIDITYTOKEN, _quoteToken)
-        ) revert NonPermissionedToken();
-
         uint256 secondsToConclusion = _terms[1] - block.timestamp;
         uint256 decimals = IERC20Metadata(_quoteToken).decimals();
         uint64 targetDebt = uint64(_booleans[0]

src/Treasury.sol

@@ -25,7 +25,9 @@ contract GhostTreasury is GhostAccessControlled, ITreasury {
     using EnumerableSet for EnumerableSet.AddressSet;
 
     address public immutable FTSO;
+
     uint256 public totalReserves;
+    uint256 public totalDebt;
 
     mapping(STATUS => EnumerableSet.AddressSet) private _registry;
     mapping(STATUS => mapping(address => bool)) private _permissions;
@@ -60,11 +62,10 @@ contract GhostTreasury is GhostAccessControlled, ITreasury {
 
     function mint(address recipient, uint256 amount) external override {
         if (!_permissions[STATUS.REWARDMANAGER][msg.sender]) revert NotApproved();
-        if (amount <= excessReserves()) {
+        if (amount > excessReserves()) revert InsufficientReserves();
         IFTSO(FTSO).mint(recipient, amount);
         emit Minted(msg.sender, recipient, amount);
     }
-    }
 
     function withdraw(address token, uint256 amount) external onlyGovernor override {
         if (!_permissions[STATUS.RESERVETOKEN][token]) revert NotAccepted();
@@ -89,10 +90,9 @@ contract GhostTreasury is GhostAccessControlled, ITreasury {
         gasValue = tokenValue(reserveToken, gasSpent);
         gasValue = FullMath.mulDiv(gasValue, totalSupply, totalReserves);
 
-        if (gasValue <= excessReserves()) {
+        if (gasValue > excessReserves()) revert InsufficientReserves();
         IFTSO(FTSO).mint(msg.sender, gasValue);
     }
-    }
 
     function buyBack(
         address receiver,
@@ -247,7 +247,7 @@ contract GhostTreasury is GhostAccessControlled, ITreasury {
         return _permissions[status][someAddress];
     }
 
-    function registered(STATUS status, address someAddress) external override view returns (bool) {
+    function registered(STATUS status, address someAddress) external view returns (bool) {
         return _registry[status].contains(someAddress);
     }
 
@@ -257,12 +257,7 @@ contract GhostTreasury is GhostAccessControlled, ITreasury {
     }
 
     function excessReserves() public view override returns (uint256) {
-        uint256 ftsoSupply = IFTSO(FTSO).totalSupply();
-        uint256 currentTotalReserves = totalReserves;
-
-        return currentTotalReserves > ftsoSupply
-            ? currentTotalReserves - ftsoSupply
-            : 0;
+        return totalReserves - (IFTSO(FTSO).totalSupply() - totalDebt);
     }
 
     function tokenValue(

src/interfaces/IBondDepository.sol

@@ -6,7 +6,6 @@ interface IBondDepository {
     error DepositoryMaxPrice(uint256 price, uint256 maxPrice);
     error DepositoryMaxSize(uint256 payout, uint256 maxPayout);
     error NotGuardianOrPolicy();
-    error NonPermissionedToken();
 
     event MarketClosed(uint256 indexed id);
     event Bond(uint256 indexed id, uint256 amount, uint256 price);

src/interfaces/ITreasury.sol

@@ -6,6 +6,7 @@ interface ITreasury {
     error NotAccepted();
     error InvalidToken();
     error GasExceedsBounty();
+    error InsufficientReserves();
 
     enum STATUS {
         RESERVEDEPOSITOR,
@@ -28,7 +29,6 @@ interface ITreasury {
         uint256 _profit
     ) external returns (uint256);
 
-    function registered(STATUS status, address token) external view returns(bool);
     function phantomRefund(uint256 gasSpent, uint256 amount) external returns (uint256);
     function buyBack(address receiver, uint256 amount, uint256 index) external returns (address, uint256);
     function withdraw(address token, uint256 amount) external;