(A) Trades of marketable securities will be executed (cleared and settled) on a delivery versus payment (DVP) basis, held in custody basis or bank safe keeping basis to ensure that securities are deposited in the county’s safekeeping institution prior to the release of funds.
(B) (1) Securities will be held by an independent third-party safekeeping institution selected by the county.
(2) All securities will be evidenced by safekeeping receipts in the county’s name.
(C) (1) The Treasurer shall establish a system of internal controls designed to ensure that the assets of the county are protected from loss, theft or misuse.
(2) The Treasurer shall provide all documentation necessary to comply with the required annual audit and evaluation by the independent external auditor, presently, Larson & Company CPA.
(Ord. 2021-04, passed 1-19-2021)