A list will be maintained of financial institutions and depositories authorized to receive deposits and/or to provide investment services. Financial institutions eligible for deposits of active deposits shall satisfy the criteria set forth at Ohio Revised Code Section 135.03.
In addition, a list will be maintained of approved security broker\dealers selected by creditworthiness (e.g., a minimum capital requirement of $10,000,000 and five years of operation). These may include "primary" dealers or regional dealers that qualify under Security and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule).
All financial institutions and broker\dealers who desire to become qualified for investment transactions must supply the following as appropriate:
• Audited financial statements demonstrating compliance with state and federal capital adequacy guidelines.
• Proof of National Association of Securities Dealers (NASD) certification (not applicable to Certificate of Deposit counterparties).
• Proof of State registration.
• Certification of having read, understood and agreed to comply with the City of Moraine's investment policy.
• Evidence of adequate insurance coverage (i.e. Federal Depository Insurance Corp.).
An annual review of the financial condition and registration of all qualified financial institutions and broker\dealers will be conducted by the investment officer.