(A) The Mayor may maintain a list of financial institutions authorized to provide investment services to the City.
(B) All financial institutions and broker/dealers who desire to provide investment services to the City shall supply the Mayor with information sufficient to adequately evaluate the institution and answer any and all inquiries posed by the Mayor 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.
(C) The Mayor shall evaluate the financial capacity and creditworthiness of financial institutions and broker/dealers prior to the placement of the City’s funds. The Mayor shall conduct an annual review of the financial condition and registrations of financial institutions and broker/dealers and, based on the review, make any recommendations regarding investment policy or program changes determined to be necessary.
(Ord. 94-12-2, passed 12-28-94)