Securities purchased for the city will be held in safekeeping by a qualified trustee [hereinafter referred to as the "custodian"), as provided in R.C. § 135.37. Securities held in safekeeping by the custodian will be evidenced by a monthly statement describing such securities. The custodian may safekeep the city's securities in Federal Reserve Bank book entry form; Depository Trust Company (DTC) book entry form in the account of the custodian or the custodian's correspondent bank; or Non-book entry (physical) securities held by the custodian or the custodian's correspondent bank. All securities transactions will settle using standard delivery-vs-payment (DVP) procedures. The records of the custodian shall identify such securities in the name of the city. Broker/dealer firms used by the city or broker/dealer firms used by the city's designated investment advisor to purchase or sell investment assets shall not hold any such investment assets in safekeeping. All investment assets of the city will be held in safekeeping by a custodian bank where such custodian bank and the city have entered into a custodian agreement.
(Ord. 85-94, passed 10-3-94; Am. Ord. 89-96, passed 10-7-96; Am. Ord. 10-99, passed 2-16-99; Am. Ord. 82-13, passed 11-4-13)