Securities shall be purchased only through financial institutions located within the State of Ohio or through "primary securities dealers" located in the State of Ohio as designated by the Federal Reserve Bank. A list of these institutions shall be maintained by the Finance Director. The Finance Director:
(a) May make additions to the authorized list when the investment and deposit policy requirements are met;
(b) Shall make deletions from the list:
(1) If and as directed by ordinance of City Council,
(2) Upon failure of the financial institution to meet the foregoing investment and deposit policy requirements, or
(3) Upon request of the financial institution or dealer; and
(c) May make deletions from the list if he determines or has reason to believe that:
(1) The financial institution or dealer is experiencing financial difficulties,
(2) There is consistent lack of competitiveness by the financial institution or dealer,
(3) The account representative handling the City's account lacks experience or familiarity in providing service to large institutional accounts, or
(4) It is in the best interest of the City.
(Ord. 2006-075. Passed 8-14-06.)