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(A) Authorized financial institutions and broker/dealers. The Investment Officer is authorized to deposit, invest, and reinvest funds of the town with Mutual Savings Bank, First Merchants Bank, and MainSource Bank. The Investment Officer is also authorized to deposit, invest, and reinvest funds of the Town with and any other depository that has been designated by the state board of finance as a depository for state deposits under I.C. 5-13-9.5; however, pursuant to I.C. 5-13-9-5(a), the authorization provided in this sentence shall expire on the date that is two years after the date this subchapter is adopted. In addition, the town will only use broker/dealers that meet the following requirements:
(1) Primary dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule);
(2) Capital of no less than $10,000,000;
(3) Registered as a dealer under the Securities Exchange Act of 1934;
(4) A member of the National Association of Securities Dealers (NASD);
(5) Proof of state registration.
(B) Consistent with I.C. 36-1-7, the town may pass a resolution to enter into interlocal cooperation agreements for the joint exercise of powers, including the investment of public funds, provided such agreements are consistent with this policy.
(Ord. 2014-012, passed - - )