(a) "Central Depository" means a single bank or trust company to be so designated and utilized for the purpose of enhancing the City's cash management activities through the centralization of banking services and which has the qualifications of a Depository.
(b) "Custodian" means the State or City Treasurer, a Federal Reserve Bank or a Depository which is qualified to exercise trust powers under the laws of the State.
(c) "Depository" means a bank, trust company or savings and loan association organized under the laws of the State or under the laws of the United States, doing business and situated in the State which:
(1) Has an office located in the City which is capable of providing those banking services which the City requests.
(2) Has deposits which are insured by the Federal Deposit Insurance Corporation.
(3) Has Equity Capital in excess of fifty million dollars ($50,000,000) or has been approved by an ordinance of City Council following completion of the Appeal Process.
(4) Carries a holding company Long Term Issuer Default Rating by Fitch of "BBB" or better. A rating of "BBB-" is not acceptable.
(5) Provides collateralization as required by Section 192.18 of the Toledo Municipal Code.
(Ord. 182-13. Passed 4-30-13.)
(d) "Fitch" means Fitch Information, Inc., a rating service located in New York, New York, and any successor thereto by reason of reorganization, merger and/or acquisition, whose purpose is the evaluation and the publication of those evaluations of the financial condition of banks and savings and loan associations.
(e) "Highline Financial, LLC" means Highline Financial, LLC, a rating service located in Austin, Texas, and any successor thereto by reason of reorganization, merger and/or acquisition, whose purpose is the evaluation of the financial condition of banks and savings and loan associations and the publication of those evaluations.
(f) "Moody's" means Moody's Investors Service, Inc., a rating service located in New York, New York, or any successor thereto by reason of reorganization, merger and/or acquisition, whose purpose is to evaluate securities' credit worthiness and to publish those evaluations.
(g) "Primary Securities Dealers" means those entities which are identified as primary securities dealers by the Federal Reserve Bank, District II.
(h) "Securities Dealers" means any of the following:
(1) Institutions having all of the qualifications of a Depository except that they need have only an office located in the State rather than in the City.
(2) Primary Securities Dealers.
(3) Firms which are members of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
(i) "Standard and Poor's" means Standard and Poor's Corporation, a rating service located in New York, New York, or any successor thereto by reason of reorganization, merger and/or acquisition, whose purpose is to evaluate securities' credit worthiness and to publish those evaluations.
(Ord. 468-09. Passed 9-1-09.)