(A) The Finance Director 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 credit worthiness, who maintain an office in the Commonwealth of Kentucky.
(B) All financial institutions and broker/dealers who desire to provide investment services to the city shall supply the Finance Director with information sufficient to adequately evaluate the institution and answer any and all inquiries by the Finance Director or the City Council, including the following information:
(1) Audited financial statements.
(2) Regulatory reports on financial condition.
(3) Written memorandum of Agreement for the deposit of public funds or trading resolution, as appropriate.
(4) Proof of National Association of Security Dealers certification and proof of state registration.
(5) Any additional information considered necessary to allow the Finance Director to evaluate the credit worthiness of the institution.
(C) No financial institution shall be selected as a depository of city funds if the city funds on deposit at any time will exceed 5% of the institution's capital stock and surplus.
(D) The Finance Director shall evaluate the financial capacity and credit worthiness of financial institutions and broker/dealers prior to the placement of the city's funds. The Finance Director shall conduct an annual review of the financial condition and registrations of financial institutions and broker/dealers and, based on the review, make any recommendations regarding investment policy or program changes determined to be necessary.
(Ord. O-30-94, passed 11-15-94)