§ 20-406. Collateralization of repurchase agreements.

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Each repurchase agreement shall provide that the obligations of the qualified repurchase agreement provider under a repurchase agreement shall be fully collateralized by delivery against payment of U.S. treasury obligations or U.S. government agency obligations to a mutually agreeable independent custodian which shall be equal in market value (to be determined at least quarterly) to at least 102 percent of the investment amount under the repurchase agreement.

(Ord. No. 85-203, § 5, 1994; Code 1985, § 2.33.060; Ord. No. 85-284, § 1, 10-3-2000)

                    
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