(A) The Mayor and/or City Administrator 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, 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 Mayor and/or City Administrator with information sufficient to adequately evaluate the institution and answer any and all inquiries posed by the Mayor and/or City Administrator or the governing body, 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 Mayor and/or City Administrator to evaluate the creditworthiness of the institution.
(C) The Mayor and/or City Administrator shall evaluate the financial capacity and creditworthiness of financial institutions and broker/dealers prior to the placement of the city's funds. The Mayor and/or City Administrator 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.
(Municipal Order 94-1, passed 11-17-94)