SECTION 735:20-1-14. Collateral calls

(a)   The public entity treasurer will determine the fair market value of the collateral securities pledged to secure public entity funds on deposit not less than quarterly. Such market information shall be supplied by either the pledgor bank or safekeeping bank. If, after determining the value of the pledged collateral securities, the amount is less than the maintenance percentage, the public entity treasurer will impose a collateral call.

(b)   The public entity treasurer may impose collateral calls at any time, and reserves the right to require compliance to collateral calls immediately. If compliance to collateral calls cannot be met, then the public entity treasurer reserves the right to reduce the amount of the outstanding balances at the pledgor bank without penalty to the public entity.

[Source: Added at 18 Ok Reg 2857, eff 7-1-01]