(A) All investments made by the city will be made through either the city's banking services bank or a primary dealer. The Investment Committee will review the list of authorized broker/dealers annually. A list of at least three broker/dealers will be maintained in order to assure competitive bidding.
(B) Securities broker/dealers must meet certain criteria as determined by the Investment Officer. The following criteria must be met by those firms on the list:
(1) Provision of an audited financial statement each year;
(2) Proof of certification by the National Association of Securities Dealers (NASO) and provision of CRD number;
(3) Proof of current registration with the State Securities Commission; and
(4) Completion of a city questionnaire.
(C) Every broker/dealer and bank with whom the city transacts business will be provided a copy of this investment policy to assure that they are familiar with the goals and objectives of the investment program. A representative of the firm will be required to return a signed certification stating that the policy has been received and reviewed and that controls are in place to assure that only authorized securities are sold to the city.
(Ord. 1303, passed 9-21-2006; Ord. 19-1236, passed 11-7-2019)