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a secured loan, the City shall not advance any funds for <br />security purchases pursuant to any Repurchase Agreement <br />unless and .until the City has obtained possession of (i) <br />the securities or (ii) a trust receipt clearly evidencing <br />that the securities have been delivered to a reputable <br />trustee or other fiduciary custodian on behalf of the City <br />and are being held for the City as the sole owner of such <br />securities. Such trustee or other fiduciary shall not be <br />affiliated with the seller. <br />J. Because use of reverse repurchase agreements entails some <br />risk arising from fluctuation in interest rates generally <br />and some risk that the party contracting with the City may <br />default in its obligation, the City may enter into such an <br />agreement only if the other party to the agreement is a <br />Primary Dealer, and only if the term of the agreement does <br />not exceed one hundred and eighty (180) days. <br />21:01 -4 <br />