(A) The City Clerk/Treasurer shall maintain a list of financial institutions authorized to provide investment services to the city. In addition, a list shall be maintained of approved security brokers/dealers selected by creditworthiness, who maintain an office in the commonwealth.
(B) All financial institutions and broker/dealers who want to provide investment services to the city shall supply the City Clerk/Treasurer with information sufficient to adequately evaluate the institution and answer any and all inquiries posed by the City Clerk/Treasurer or the governing body. This will include any information considered necessary to allow the City Clerk/Treasurer to evaluate the creditworthiness of the institution.
(C) No financial institution shall be selected as a depository of city funds if the city’s funds on deposit at any time will exceed 10% of the institution’s capital stock and surplus.
(D) The City Clerk/Treasurer shall evaluate the financial capacity and creditworthiness of financial institutions and broker/dealers prior to the placement of the city’s funds. Also, periodically those institutions maintaining city funds will be reviewed and, based on the review, recommendations will be made regarding investment policy or program changes determined to be necessary.
(Prior Code, § 33.36) (Municipal Order 1995-01, effective 1-3-1995)