Specifications include, but are not limited to: Depository bank must maintain sufficient cash and/or portfolio of approved securities for collateralization of Board deposits or investments. The depositing Bank must meet all collateralization requirements for government entities pursuant to State and Federal Law. Failure of the bank to meet collateralization requirements to comply with State or Federal law will result in any penalty or assessment to be the responsibility of the bank. (B) Official Code of Georgia Annotated (OCGA) Section 45-8-12 provides that there shall not be on deposit at any time in any depository for a time longer than ten days a sum of money which has not been secured by surety bond, by guarantee of insurance, or by collateral. The aggregate of the face value of such surety bond and the market value of securities pledged shall be equal to not less than 110 percent of the public funds being secured after the deduction of the amount of deposit insurance. If a depository elects the pooled method (OCGA 45-8-13.1) the aggregate of the market value of the securities pledged to secure a pool of public funds shall be not less than 110 percent of the daily pool balance.