All securities transactions, including securities acquired subject to repurchase agreements, entered into by the city will be conducted on a delivery-versus-payment basis. Purchased securities shall be held on behalf of the city by a custodian, designated by the Director of Finance and Public Record, that is a Federal Reserve Bank or other “qualified trustee” within the meaning of R.C. § 135.18(I), and the safekeeping of those securities for the benefit of the city shall be evidenced by safekeeping receipts. Purchased securities may be released by the city only upon verification that their principal and interest, or proceeds of their sale, have been credited to the city’s account.
(Ord. 16-2016, passed 7-18-2016)