No financial institution shall be selected as a depository of City of Hurstbourne funds if the City of Hurstbourne funds on deposit at any time will exceed 10% of the institution’s capital surplus and stock. The Finance Committee shall evaluate the financial capacity and creditworthiness of financial institutions prior to the placement of the City of Hurstbourne funds and each shall comply with the requirements of KRS 91A.060 for qualifying official depositories. The Finance Committee shall conduct an annual review of the financial condition and registrations of financial institutions and based on the review, make any recommendations regarding investment policy or program changes determined to be necessary.
(Ord. 12-06, passed 9-25-12)