Securities shall be purchased only through financial institutions located within the State of Ohio or through "primary securities dealers" as designated by the Federal Reserve Bank. A list of these institutions shall be maintained by the Director of Finance. The Director of Finance:
(a) May make additions to the authorized list when the investment and deposit policy requirements are met;
(b) Shall make deletions from the list:
(1) If and as directed by ordinance of Council;
(2) Upon failure of the financial institution to meet the foregoing investment and deposit policy requirements; or
(3) Upon request of the financial institutions or dealer; and
(c) May make deletions from the list if he determines that:
(1) The financial institution or dealer is experiencing financial difficulties;
(2) There is consistent lack of competitiveness by the financial institution or dealer;
(3) The account representative handling the City's account lacks experience or familiarity in providing service to large institutional accounts; or
(4) It is in the best interest of the City.
(Ord. 13-86. Passed 6-2-86.)