(A) Each of the city's depository banks shall be a nationally chartered commercial bank organized under the laws of the State of Ohio, doing business in and situated in or operating a full service branch office within the boundaries of the city.
(B) To the extent practical, the Director of Finance will minimize the number of depositories for the efficient, effective, and economical deposit of city funds, and may do so by issuing a formal request for proposal as frequently as he determines necessary. Exceptions to this centralization of depositories provision will be made when trust agreements or other legal mandates dictate specific handling or investment requirements that may not be obtained or most efficiently managed through existing depositories.
(C) All city funds deposited with depository banks shall be secured by collateral in accordance with R.C. § 135.18-135.182.
(D) Any financial institution, as defined by R.C. §135.03, is eligible to serve as an approved investment provider. Eligible securities dealers and brokers must be members of the National Association of Securities Dealers (NASD), meet a minimum capital requirement of $10,000,000, and have been in operation for at least five years. These may include "primary" dealers or regional dealers that qualify under the Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule). An investment advisor must be an eligible financial institution as defined by R.C. §135.03, or an advisor that is registered with the Securities and Exchange Commission.
(E) All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Finance Director with the following when requested, if applicable:
(1) Completed broker/dealer questionnaire.
(2) Certification of having received and understood the city's Investment Policy, and agreeing to comply with the policy.
(3) Depository agreement (if applicable).
(4) Other relevant information as requested.
(F) The Finance Director will conduct a review of the financial condition and registration of qualified bidders at least once every five years or sooner if deemed appropriate.
(G) The Finance Director will maintain a list of authorized institutions and dealers. The Finance Director:
(1) May make additions to the authorized list when investment and deposit policy requirements are met;
(2) Shall make deletions from the list:
(a) To meet the following investment and deposit policy requirements;
(b) Upon failure of the financial institution to meet the requirement of this policy; or
(c) Upon request of the financial institution or dealer; and
(3) May make deletions from the list based on the following:
(a) Perceived financial difficulties of the financial institution or dealer;
(b) Consistent lack of competitiveness by the financial institution or dealer;
(c) Lack of experience or familiarity of the account representative in providing service to large institutional accounts; or
(d) When deemed in the best interest of the city.
(1974 Code, § 39.29) (Ord. 9-94, passed 5-2-1994; Am. Ord. 11-19, passed 5-6-2019)