The City will designate and utilize a Central Depository. The Central Depository will be designated by ordinance of Council following the evaluation of proposals submitted by interested institutions in response to a request for proposals mailed by the City Treasurer to each institution having the qualifications of a Depository. The agreement with the Central Depository for its services shall have a term not to exceed three years.
If the Fitch credit rating of the currently contracted Central Depository shall fall below the minimum specified in Section 192.05, the Investment Advisory Committee shall meet within thirty days of the rating downgrade to review the situation and shall report to City Council with any appropriate recommendations. The City may continue to utilize the current Central Depository for the remainder of the contract period as long as all other requirements of this Chapter are met.
(Ord. 468-09. Passed 9-1-09.)