(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 creditworthiness.
(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 posed by the Finance Director or the governing body, including the following information:
(1) Audited financial statements.
(2) Regulatory reports on financial conditions.
(3) Written Memorandum of Agreement for the deposit of 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 creditworthiness of the institution.
(C) No financial institution shall be selected as a depository of the city's funds if the city's funds on deposit at any time will exceed 10% of the institution's capital stock and surplus.
(D) The Finance Director shall evaluate the financial capacity and creditworthiness 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 brokers/dealers and, based on this review, make any recommendations regarding investment policy or program changes determined to be necessary.
(Municipal Order 2018-MO-03, passed 11-12-18)