BDAE(LOCAL) - OFFICERS AND OFFICIALS: DUTIES AND REQUIREMENTS OF DEPOSITORY
Note: This local policy has been revised in accordance with the District's innovation plan.
Selecting a Depository
In accordance with the District's innovation plan, the District may send depository services out to bid when it is determined that contract pricing becomes uncompetitive or there is an operational or financial reason to do so.
The Superintendent or designee shall have the authority to determine the method of selecting a depository in accordance with BDAE(LEGAL).
Eligible securities for collateralization of deposits are those defined as "eligible securities" by the Public Funds Collateral Act.
Monitoring Collateral Adequacy
The District shall require monthly reports with market values of pledged securities from all financial institutions with which the District has collateralized deposits. The investment officers shall monitor adequacy of collateralization levels to verify market values and total collateral positions.
Release of Pledged Securities
The investment officer or designee shall approve in writing the release or substitution of any securities pledged to the District that are being held by any organization.