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in subsections (1) , (2 ) or (3 ) above; (8) repurchase agreements <br /> with a registered broker/dealer subject to the Securities <br /> Investors' Protection Corporation Liquidation in the event of <br /> insolvency, or any commercial bank ( a) whose unsecured <br /> indebtedness is rated A2 or better by Moody' s or A or better by <br /> S&P, or (b) which is the lead bank of a parent bank holding <br /> company whose unsecured indebtedness is rated A2 or better by <br /> Moody' s or A or better by S&P, or (c) having a combined capital, <br /> surplus and undivided profits of not less than $100 million, <br /> provided, that the obligation of such bank to repurchase is within <br /> the time limitation established for investments as set forth in <br /> subsection (C) below, and which repurchase agreement shall provide <br /> that: <br /> (A) the repurchase obligation of the bank is <br /> collateralized by the securities themselves which shall be <br /> held by the City or an agent acting on behalf of the City <br /> (unless such agent is obligated under the repurchase <br /> agreement) or a third party which is a Federal Reserve Bank <br /> or a commercial bank with capital surplus and undivided <br /> profits of not less than $50 million; <br /> (B) a perfected security interest in favor of the City <br /> in the securities has been created under the Uniform <br /> Commercial Code or pursuant to the book entry procedures <br /> described in 31 C. F.R. 306. 1 et seq. or 31 C. F.R. 350 . 0 et <br /> seq. ; and <br /> (C) the securities on the date of execution of the <br /> repurchase agreement have a value of at least 100% of the <br /> amount of the repurchase obligation, including both principal <br /> and interest; provided, ( a) the repurchase agreement has a <br /> term to maturity of thirty days or less, or (b) throughout <br /> the term of the repurchase agreement the securities have a <br /> -8- WMD202 85/06/10 <br />