Laserfiche WebLink
<br />e e <br /> <br />V. INVESTMENT ACTIVITIES <br /> <br />A. As security for the deposits of the City of La Porte, the bank <br />shall pledge to the City securities equal to 110% of the balances <br />the City of La Porte maintains in the bank. The securities <br />comprising the pledge shall be valued at par or market, whichever <br />is lower. The securities so pledged, the amounts thereof and <br />the time for pledging same must satisfy the requirements of <br />Article 2560, Tex. Rev. Civ. Stat. Ann., and City of La Porte <br />Resolution No. 74-4. <br /> <br />In lieu of a pledge of securities, or in combination therewith, <br /> <br /> <br />the bank may have issued and executed by some solvent surety <br /> <br /> <br />company or companies authorized to do business in the State of <br /> <br /> <br />Texas, such bond or bonds, which alone or combined with a pledge <br /> <br /> <br />of securities, shall be equal to 110% of the balances the City <br /> <br /> <br />of La Porte maintains in the bank, which said corporate surety <br /> <br /> <br />bond shall be issued by a surety company or companies with a <br /> <br />Best rating of IlA 15" or better, and shall be approved by the <br /> <br /> <br />City Attorney, the City Council, and filed with the City Secre- <br /> <br />tary. <br /> <br />B. The bank shall provide the city with a report of securities pledged <br /> <br />at the end of each month or at any time requested by the Finance <br /> <br />Officer, or his designated representative. This report should <br /> <br />reflect the following information at the end of each month: <br /> <br />-9- <br />