(A) The Treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, the Treasurer will also maintain a list of approved security brokers/dealers selected by creditworthiness who maintain an office in the state. These may include primary dealers or regional dealers which qualify under the Securities and Exchange Commission Rule 15C3_1. No public deposit shall be made except in a qualified public depository as established by state law.
(B) All financial institutions and brokers/dealers who want to become qualified bidders for investment transactions must supply the Treasurer with the following:
(1) Audited financial statements;
(2) Proof of National Association of Security Dealers certification; and
(3) Proof of state registration.
(C) The Treasurer will conduct an annual review of the financial condition and registrations of qualified bidders.
(D) A current audited financial statement is required to be on file for each bank and broker/dealer in which the city invests.
(Ord. 521, passed 6-13-2006)