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(A) This policy is applicable to all public funds belonging to the township and in the custody of the Township Treasurer. The Treasurer is authorized to deposit funds in approved financial institutions and administration of investments in conformance with state and federal law and policies as set forth in this resolution.
(B) The Treasurer shall recommend financial institutions for approval for the safekeeping of township funds based on an evaluation of the performance and solvency of the institution, as well as past performance in exercising due care and prudence in managing the custody of township funds held in trust, if applicable. The Treasurer shall periodically evaluate approved and potential financial depositories and shall make recommendations as to appropriate changes in approved depositories when warranted.
(C) (1) In determining safekeeping and custody qualifications, financial institutions document a minimum capital requirement of at least $10,000,000 and at least five years of operation.
(2) All financial institutions and brokers/dealers shall be pre-qualified by supplying the following:
(a) Audited financial statements;
(b) Proof of NASD certification or FDIC or NCUA insurance;
(c) Proof of state registration; and
(d) Certification of having read, understood and agreement to comply with the township investment policy.
(D) The Treasurer shall annually examine the financial condition and registrations of qualified financial institutions and brokers/dealers by obtaining annual updates of the information listed above.
(Board and Administrative Policies Manual, § 4.36)