(A) The CFO will maintain a listing of financial institutions which are used for investment purposes (“qualified institutions”). This list will be updated as necessary by the CFO.
(1) The CFO shall require the financial institutions and securities dealers to provide copies of the most recent annual certified financial reports as well as any other reports deemed necessary by the CFO.
(2) Additional information that can be requested include consolidated reports of condition (“call” reports), copies of sworn statements of resources and liabilities and any other statements which financial institutions or securities dealers may be required to furnish to the Commissioner of Banks and Trust Companies, to the Comptroller of the currency or other applicable regulatory agencies.
(3) The CFO or Director, Treasury, shall review each financial institution’s and security dealer’s performance and compliance to determine whether it should be a qualified institution.
(4) Investments in certificates of deposit, time deposits, et. al. in excess of FDIC insurance shall be made only in banks which have capital stock and surplus over $10,000,000 as of the date of their most recent audited financial statements.
(B) Selection of investment advisors and other professional services relating to investment activity shall comply with the requirements of the Act and all Metra policies regarding selection of professional services.
(Ord. NIRC 99-2, passed 12-17-1999)