(A) The Finance Director will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers. These may include “primary” dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except on qualified public depository as established by state statutes.
(B) All financial institutions and broker/dealers who desire to become approved bidders for investment transactions must supply the Finance Director with the following:
(1) Audited financial statements;
(2) Proof of National Association of Security Dealers (NASD) certification;
(3) Proof of state registration; and
(4) Certification of having read the city’s investment policy (see Appendix A).
(C) An annual review of the financial condition and registration of qualified bidders will be conducted by the Finance Director.
(D) A current audited financial statement must be on file for each financial institution and broker/dealer through which the city invests.
(Prior Code, § 38.08) (Ord. 99-286, passed 12-14-1999)