(a) The institution must be a bank or savings & loan association with at branch office in the Village. The institution must be insured by the Federal Deposit Insurance Corporation.
(b) Security dealers/brokers will be selected by credit worthiness, which are national banks and/or which are licensed to do business in the State of Ohio. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C-1(Uniform net Capital Rule). No public deposit shall be made except in a qualified public depository as established by State of Ohio law.
(c) All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Finance Director with the following: Audited Financial Statements, proof of National Association of Security Dealers certification, State of Ohio registration, completed broker/dealer questionnaire, certifcation of having read and understood the Village's investment policy and depository contracts.
(d) An annual review of the financial condition and registrations of qualified bidders will be conducted by the Finance Director.
(e) A current audited financial statement is required to be on file for each fnancial institution and broker/dealer in which the Village invests.
(Ord. 1418. Passed 5-22-00.)