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(i) organized· and existing under the laws of the United States or any other state; and (ii) continuously rated by at'least one nationally recognized investment rating firth afnot less than A or its equivalent; or (C) cash invested in accordance with Section: (i) 2256.009; (ii) 2256.013; (iii) 2256.014; or (iv) 2256.016 (4) the tenns of a loan made under the program must require that the securities being held as collateral be: (A) pledged to the investing entity; (B) held in the investing· entity's name, and; (C) deposited at the time the investment is made with the.entity or with a third party selected by or approved by the investing entity; (5) a loan made under the program must be placed through: (A) a primary government securities dealer, as defined by 5. C.F.R. Section 680I.I02(f), as that regulation existed on September 1,2003; or (B) a financial institution doing business inlhis state; and (6). an agreement to lend securities that is executed under this section must have a tenn of one year or less. Sec. 2256.012 Authorized Investments: Banker's Acceptances A bankers' acceptance is an· authorized investment under this subchapter if the bankers' acceptance: (1) has a stated maturity of270 days or fewer from the date of its issuance; (2) willbe, in accordance with its tenns, liquidated in full at maturity; (3)..is eligible for collateral for borrowing from a Federal Reserve Bank; and (4) is accepted by a bank organized and existing under the laws of the United States or any state, iftheshort-tenn obligations of the bank or of a bank holding company of which the bank is the largest subsidiary are rated not less than A-lor P"'l or an equivalent rating by at least one nationally recognized credit rating agency. Sec. 2256.013 Authorized Investments: Commercial Paper. Commercial paper is an authorized investment under this subchapter if the commercial paper: (1) has a stated maturity of270 days or fewer from the date of its issuance; and (2) is rated not less than A-lor P-I, or an equivalent rating by at least: (A) two nationally recognized credit rating agencies; or (B) one nationally recognized credit rating agency and is fully secured by an irrevocable letter of credit issued by a bank organized and existing under the laws of the United States or any state. Sec. 2256.014 Authorized Investment: Mutual Funds. (a) A no-load money market mutual fund is an authorized investment under this subchapter City of San Marcos Investment Policy Page 27