(A) The Clerk-Treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness who are authorized to provide investment services in the state. These may include “primary” dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15c3-1 (Uniform Net Capital Rule). No public deposit shall be made except in a qualified public depository as established by state laws. All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions shall sign the village’s investment policy and shall supply the Clerk-Treasurer with the following: audited financial statement, proof of National Association of Security Dealers Certification, proof of state registration, and certification of having read the village investment policy and depository contracts.
(B) A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the village invests.
(Ord. 48, passed 8-16-00)