(A) The City Manager or designee shall maintain a list of financial institutions authorized to provide investment services to the city. In addition, a list shall be maintained of approved security broker/dealers selected by creditworthiness, who maintains an office in the commonwealth.
(B) All financial institutions and broker/dealers who desire to provide investment services to the city shall supply the City Manager or designee with information sufficient to adequately evaluate the institution and answer any and all inquires posed by the City Manager or designee or the governing body, including the following information:
(1) Audited financial statements.
(2) Regulatory reports on financial condition.
(3) Written memorandum of agreement for the deposit of public funds or trading resolution, as appropriate.
(4) Proof of National Association of Security Dealers certification and proof of state registration.
(5) Any additional information considered necessary to allow the City Manager or designee to evaluate the creditworthiness of the institution.
(C) No financial institution shall be selected as a depository of the city's funds if the city funds on deposit at any time will exceed five percent (5%) of the institution's capital stock and surplus.
(D) The City Manager or designee shall evaluate the financial capacity and creditworthiness of the financial institutions and broker/dealers prior to the placement of the city's funds with the financial institution. The City Manger or designee shall conduct an annual review of the financial conditions and registrations of the financial institutions and broker/dealers and, based on the review, make any recommendations regarding investment policy or
program changes determined to be necessary.
(Ord. 169-1994, passed 12-15-94)