(A) The city may retain the services of a registered investment advisor. The investment advisor will manage the city's portfolio, or a portion thereof, and will be responsible for the investment and reinvestment of city's investment assets, including the execution of investment transactions. Upon the request of the Director of Finance, the investment advisor will attend meetings and/or City Council meetings to discuss all aspects of the city's portfolio, including market conditions affecting the value of the city's investments. The investment advisor will be required to issue monthly and quarterly portfolio reports as defined under § 35.102 of this subchapter.
(B) The investment advisor may transact business (execute the purchase and/or sale of securities) with eligible Ohio financial institutions, primary securities dealers regularly reporting to the New York Federal Reserve Bank, and regional securities firms or broker dealers licensed with the Ohio Department of Commerce, Division of Securities, to transact business in the State of Ohio.
(C) Broker/dealers and financial institutions transacting investment business with the city are required to sign the approved investment policy as an acknowledgment and understanding of the contents of said policy.
(D) Under no circumstance will brokers or broker/dealer firms act as an investment advisor or in a similar capacity as an investment advisor, either directly or indirectly, if such broker/dealers participate in transaction business (purchase and sale of securities) with the city of the city's designated investment advisor.
(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)