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<br />c) secured in any other manner and amount provided by law for deposits of the <br />investing entity. <br /> <br />C. Repurchase Agreements <br /> <br />1. A fully collateralized repurchase agreement IS an authorized investment under this <br />Subsection if the repurchase agreement: <br /> <br />a) has a defined termination date; <br /> <br />b) is secured by obligations described by Section 2256.009 (a)(l); and <br /> <br />c) requires the securities being purchased by the entity to be pledged to the entity, held <br />in the entity's name, and deposited at the time the investment is made with the entity <br />or with a third party selected and approved by the entity; and <br /> <br />d) is placed through a primary government securities dealer, as defined by the Federal <br />Reserve, or a financial institution doing business in this state. <br /> <br />e) repurchase agreements and reverse repurchase agreements shall be entered into only <br />with dealers who have executed a Master Repurchase Agreement with the City. <br /> <br />2. In this section, "repurchase agreement" means a simultaneous agreement to buy, hold for <br />a specified time, and sell back at a future date obligations described by Subsection A, <br />l,a), at a market value at the time the funds are disbursed of not less than the principal <br />amount ofthe funds disbursed. The term includes a direct security repurchase agreement <br />and a reverse security repurchase agreement. <br /> <br />3. Notwithstanding any other law, the term of any reverse security repurchase agreement <br />may not exceed 90 days after the date the reverse security repurchase agreement is <br />delivered. <br /> <br />4. Money received by an entity under the terms of a reverse security repurchase agreement <br />shall be used to acquire additional authorized investments, but the term of the authorized <br />investments acquired must mature no later than the expiration date stated in the reverse <br />security repurchase agreement. <br /> <br />D. Banker's Acceptances <br /> <br />1. A banker's acceptance is an authorized investment under this subchapter if the banker's <br />acceptance: <br /> <br />a) has a stated maturity of270 days or fewer from the date of its issuance; <br /> <br />b) will be, in accordance with its terms, liquidated in full at maturity; <br /> <br />c) is eligible for collateral for borrowing from a Federal Reserve Bank; and <br /> <br />d) is accepted by a bank organized and existing under the laws of the United States or <br />any state, if the short-term obligations of the bank, or of a bank holding company of <br />which the bank is the largest subsidiary, are rated not less that A-lor P-l or an <br />equivalent rating by at least one nationally recognized credit rating agency. <br /> <br />5 <br />