Sec. 105.051. MAINTENANCE OF SECURITY. (a) A depository services contract shall contain terms and conditions relating to the possession, substitution, or release of security, including: (1) requiring the depository to execute a new bond or pledge additional securities for the deposit of municipal funds; (2) substituting one security for another; (3) releasing securities pledged by a depository in excess of the amount required by this chapter; (4) the time period in which such addition, substitution, or release of security by a depository may occur; and (5) other matters relating to the possession, substitution, or release of security the municipality considers necessary for its protection. (b) If a depository fails for any reason to comply with the requirements governing the possession, substitution, or release of security, the governing body may select a new depository in the manner provided in this chapter.
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