The Finance Director will maintain a list of financial institutions and security broker/dealers who maintain an office in the State of Ohio and are authorized to provide investment services to the city. These may include "primary" dealers or regional dealers that qualify under Securities & Exchange Commission Rule 15C3-1 (uniform net capital rule). The Director of Finance:
(A) May make additions to the authorized list when the investment and deposit policy requirements are met.
(B) Shall make deletions from the list:
(1) If and as directed by ordinance of City Council,
(2) Upon failure of the financial institution to meet the foregoing investment and deposit policy requirements, or
(3) Upon request of the financial institution or dealer.
(C) May make deletions from the list based on the following criteria or circumstances:
(1) Perceived financial difficulties of the financial institution or dealer;
(2) Consistent lack of competitiveness by the financial institution or dealer;
(3) Lack of experience or familiarity of the account representative in providing service to large institutional accounts; or
(4) When deemed in the best interest of the city.
(Ord. 2973, passed 4-11-95)