APPENDIX C: COLLATERALIZATION OF PUBLIC DEPOSITS

Safety of public funds should be the foremost objective in managing public funds. Collateralization of public deposits through pledging of appropriate securities is the only way to fully guarantee the safety of such deposits.

Additionally, public entities should implement programs of prudent risk control. Such programs could include a formal depository risk policy, credit analysis and use of fully secured investments.

Statewide collateralization programs have generally proved to be cost effective and beneficial for both the public sector and its depositories. In the absence of an effective statewide collateral program, local officials should establish and implement collateralization procedures.

(Prior Code, Ch. 38, App. C) (Ord. 99-286, passed 12-14-1999)

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