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Added by Acts 1993, 73rd Leg., ch. 268, § 1, eff. Sept.!, 1993. § 2257.004. Conflìct With Other Law This chapter prevails over any other law relating to security for a deposit of public funds to the extent of any conflict. Added by Acts 1993, 73rd Leg, ch. 268, § 1, eff. Sept. 1, 1993. § 2257.005. Contract GovemsLegal Action A legal action brought by or against a public entity that arises· out of or in connection with the duties ofa.depository, custodian, or pennitted institution u,nder this chapter must be brought and maintained as provided by the contract with the public entity. AddedbyActs 1993, 73rd Leg, ch. 268, § 1, eff. Sept. I, 1993. SUBCHAPTER B. DEPOSITORY; SECURITY FOR DEPOSIT OF PUBLIC FUNDS § 2257.021. Collateral Required A deposit of public funds shall be secured by eligible security to the extent and in the manner required by this chapter. Added by Acts 1993, 73rdLeg, ch. 268, § 1, eff. Sept. 1, 1993. § 2257.022. Amount of Collateral (~) Except as provided by Subsection (b), the total value of eligible security to secure a deposit of public funds must be in an amount not less than. the amount of the deposit of public funds: (1) increased by the amount of any accrued interest; and (2) reduced to the extent that the United States or an instrumentality of the United. States insures the deposit. (b) The total value of eligible security described by Section 45.201 (4 )(D), Education Code, to .secure a deposit of public funds ofa school district must be in an amount not less than 110 percentofthe amount of the deposit as detennined under Subsection (a). The total market value of the eligible security must be reported at least once each month to the school district. (c) The value of a surety bond is its face value. (d) The value of an investment security is its market value. Added by Acts 1993, 73rd Leg, ch. 268, § J, eff. Sept. 1, 1993, Acts of 78th Leg eff. Sept. 1,2003. § 2257.023. CollateralPolicy (a) Inaccordance with a written policy approved by the governing body of the public entity, a public entity shall detennine if an investment security is eligible to secure deposits of public funds, (b}The written policy may include: (1) the security of the institution that obtains or holds an investment security; (2) the substitution or release of an investment security; and (3) the method by which an investment security used to secure a deposit of public funds is valued. Added by Acts 1993, 73rdLeg,ch. 268, § l,eff. Sept. 1, 1993. City of San Marcos Investment Policy Page 37