California Code of Regulations
Title 2 - Administration
Division 4.5 - Local Agency Deposit Security
Chapter 2 - Administrator of Local Agency Security
Subchapter 3 - Addition, Withdrawal and Substitution of Securities
Article 4 - Minus Substitution of Securities
Section 16003.4.5 - Release of Security-Certification

No agent of depository shall release a security from a security pool pursuant to a minus substitution of securities unless it first receives from the depository an order of substitution and statement of local agency deposits in accordance with this Article and a duly authorized officer of such agent of depository endorses upon or attaches to such order and statement a certification that he has read the statement, that he has accepted the statement in good faith, that to the best of his knowledge and belief all the information contained in the statement is true and correct, and that the market value of the securities in the security pool with respect to which the minus substitution of securities is to be effected, less the market value of the securities to be withdrawn from, and plus the market value of the securities to be added to, such security pool, exceeds, in case such security pool is a security pool (non-REN), by at least 10 percent, or in case such security pool is a security pool (REN), by at least 50 percent, the total of secured local agency deposits secured by such security pool, as stated in the statement.

1. Amendment filed 7-16-80; effective thirtieth day thereafter (Register 80, No. 29).

Note: Authority cited: Section 53661, Government Code. Reference: Sections 53649, 53651, 53652, and 53654, Government Code.