1. (a) A copy of the notice of default of depository.
2. (b) Instructions forthwith to convert into money such portion of the security pool securing the local agency deposit identified in the notice of default of depository as may be necessary to produce an amount equal to either the amount demanded on account of the local agency deposit or the amount of such local agency deposit which is required to be secured, as stated in the notice of default of depository, whichever is less, and to pay such amount to the treasurer.

A conversion and payment instruction shall be in writing, addressed to the agent of depository and executed by the Administrator, and shall contain the following: