All security transactions, including collateral pledges, except for "pooled collateral" arrangements, shall be conducted on a delivery versus payment basis. Qualified financial institutions for the purpose of investment transactions and or custody services are:
(A) Financial institutions (federally insured banks and savings and loans associations) that have been designated by the State of Ohio as a Qualified Public Depository.
(B) Other financial institutions:
(1) Are deemed credit worthy by the Finance Director; and
(2) In the opinion of the Finance Director, it would be in the best interest of the city to approve and transact business with.
(1974 Code, § 39.34) (Ord. 9-94, passed 5-2-1994; Am. Ord. 11-19, passed 5-6-2019)