(A) Collateralization will be required on two types of investments: certificates of deposit and repurchase agreements. In order to anticipate market changes and provide a level of security for all funds, the collateralization level will be 102% of market value of principal and accrued interest.
(B) The individual securities which collectively are subject of a repurchase agreement become the property of the village for the period of the agreement and are to be held by a third party for safekeeping. The village’s demand deposit accounts may be placed in an account which meets the pooled collateral requirements stated in R.C. Chapter 135, and the collateral may be held by the institution at which the active funds are deposited. Where administrative costs are comparable, preference will be given to those institutions which will provide specific collateral over those which provide pooled collateral.
(Ord. 48, passed 8-16-00)