(A) The City Treasurer shall maintain a list of financial institutions authorized to provide investment services. In addition, a list shall also be maintained of approved security broker-dealers. These may include “primary” dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a qualified public depository as established by the laws of the state or the United States of America.
(B) All financial institutions and broker-dealers who desire to become qualified bidders for investment transactions in excess of $250,000 must supply the city with the following;
(1) Audited financial statements;
(2) Proof of National Association of Security Dealers (NASD) certification;
(3) Proof of state registration; and
(4) Certification of having read the city’s investment policy (Attachment #1 to Ordinance 2017-07), unless collateralization is utilized pursuant to § 40.10.
(C) An annual review of the financial condition and registrations of qualified bidders shall be conducted by the city.
(D) A current, audited financial statement is required to be on file for each financial institution and broker/dealer through which the city invests.
(1994 Code, § 40.08) (Ord. 99-03, passed 3-22-1999; Ord. 2017-07, passed 12-26-2017)