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<br />directly may pay for authorized securities purchased from or through a member in good <br />standing of the N ationa! Association of Securities Dealers or from or through a national or <br />state bank: on receiving an invoice from the seller of the securities showing that the securities <br />have been purchased by the board or agency and that the amount to be paid for the securities <br />is just, due and unpaid. A purchase of securities may not be made at a price that exceeds the <br />existing market value of the securities. <br /> <br />Sec. 2256.054 Delivery of Securities Purchased by State. <br />A security purchased under this chapter may be delivered to the comptroller, a bank, or the <br />board or agency investing its funds. The delivery shall be made under normal and recognized <br />practices in the securities and banking industries, including the book entry procedure of the <br />Federal Reserve Banlc <br /> <br />Sec. 2256.055 Deposit of Securities Purchased By State. <br />At the direction of the comptroller or the agency. a security purchased under this Chapter <br />may be deposited in trust with a bank or federal reserve bank: or branch designated by the <br />comptroller, whether in or outside the state. The deposit shall be held in the entity's name as <br />evidenced by a trust receipt of the bank with which the securities are deposited. <br /> <br />City of San Marcos Investment Policy <br /> <br />Page 34 <br />