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<br />(2) is secured by obligations described by Section <br /> <br /> <br />2256.009 (a) (1), excluding those obligations described by Section <br /> <br /> <br />2256.009 (b), in an amount at least equal to the amount of bond <br /> <br /> <br />proceeds invested under the contract; and <br /> <br /> <br />(3) is pledged to the entity and deposited with the <br /> <br /> <br />entity or with a third party selected and approved by the entity. <br /> <br /> <br />(b) Bond proceeds, other than bond proceeds representing <br /> <br /> <br />reserves and funds maintained for debt service purposes, may not be <br /> <br /> <br />invested under this subchapter in a guaranteed investment contract <br /> <br /> <br />with a term of longer than five years from the date of issuance of <br /> <br /> <br />the bonds. <br /> <br /> <br />(c) To be eligible as an authorized investment: <br /> <br /> <br />(1) the governing body of the entity must specifically <br /> <br /> <br />authorize guaranteed investment contracts as an eligible investment <br /> <br /> <br />in the order, ordinance, or resolution authorizing the issuance of <br /> <br /> <br />bonds; <br /> <br />(2) the entity must receive bids from at least three <br /> <br /> <br />separate providers with no material financial interest in the bonds <br /> <br /> <br />from which proceeds were received; <br /> <br />(3) the entity must <br /> <br />purchase <br /> <br />the highest yielding <br />a qualifying bid is <br /> <br />guaranteed <br /> <br />received; <br /> <br />investment contract <br /> <br />for which <br /> <br />(4) the price of the guaranteed investment contract must <br /> <br />take into account the reasonably expected drawdown schedule for the <br /> <br />Page -28 - <br />