(A) The Treasurer shall approve one or more financial institutions to provide safekeeping and custodial services for the county. A safekeeping agreement shall be executed with each custodian bank. To be eligible, a financial institution shall:
(1) Be designated by the State Board of Finance as a depository for state deposits; or
(2) Have a combined capital and surplus of at least $10,000,000.
(B) The purchase and sale of securities and repurchase agreement transactions shall be settled on a delivery versus payment basis. Ownership of all securities shall be perfected in the name of the county. Sufficient evidence to title shall be consistent with modern investment, banking and commercial practices.
(C) All investment securities purchased by the county shall be delivered by either book entry or physical delivery and shall be held in third-party safekeeping by the county approved custodian bank, its correspondent bank or the Depository Trust Company (DTC).
(D) The county’s custodian shall be required to furnish the county a list of holdings on at least a monthly basis and safekeeping receipts or customer confirmations shall be issued for each transaction.
(Ord. 2019-01, passed 1-28-2019; Ord. 2020-01, passed 1-27-2020; Ord. 2021-01, passed 1-25-2021; Ord. 2022-01, passed 1-24-2022)