Res 2004-129 - Laserfiche WebLink

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(1) guaranteed or insured by the Federal DepositInsurance Corporation, or its successor or the National Credit Union Share Insurance Fund or its successor; (2) secured by obligations that are described by Section2256.009(a), including mortgage backed securities directly issued by a federal agency or instrumentality that have a market value of not less than the principal amount of the certificates, but excluding those mortgage- backed securities of the nature described by Section 2256.009(b); or (3) . secured in any other manner and amount provided by law for deposits of the investing entity. Sec. 2256.011 Authorized Investments: Repurchase Agreements. (a) A fully collaterali:z;ed repurchase agreement is an authorized investment under this subchapter if the repurchase agreement: (I) has a defined termination date; (2) is secured by obligations described by Section 2256.009(a)(1); and (3) requires the securities being purchased by the entity to be pledged to the entity, held in the entity's name, and deposited at the time the investment is made with the entity or with a third party selected and approved by the entity; and (4) is placed through a primary government securities dealer, as defined by the Federal Reserve, Or a financial institution doing business in this state. (b) In this section, "repurchase agreement" means a simultaneous agreement to buy, hold for a specified time, and sell back at a future date, obligations described by Section 2256.009(a)(l) at a market value at the time the funds are disbursed of not less than the principal amount of the funds disbursed. The term includes a direct security repurchase agreement and a reverse security repurchase agreement. (c) Notwithstanding any other law, the term of any reverse security repurchase agreement may not exceed 90 days after the date the reverse security repurchase agreement is delivered. (d) Money received by an entity under the terms of a reverse security repurchase agreement shall be used to acquire additional äuthorized investments, but the term of the authorized investments acquired must mature not later than the expiration date "tated in the reverse security repurchase agreement. SEC. 2256.0115 AUTHORIZED INVESTMENTS: SECURITIES LENDING (a) A securities lending program is an authorized investment under this subchapter if it meets the conditions provided by this section. (b) To qualify as an authorized investment under this subchapter: (1) the value of securities loaned under the program mustbe not lèss than 100 percent collateralized, including accrued income; (2) a loan made under the program must allow for termination at any time; (3) a loan made under the program must be secured by: (A) pledged securities described by Section 2256.009; (B) pledged irrevocable letters of credit issued by a bank that is: City of San Marcos Investment Policy Page 26