(A) A list will be maintained of local financial institutions that are approved depositories for the receipt of public funds according to the Indiana Board for Depositories. This list shall be called “Exhibit A” and attached to this policy and incorporated herein as if set out in full. The city may pass a resolution pursuant to I.C. 5-13-9-5 expanding the list of approved financial institutions to include all Indiana depositories approved for the receipt of public funds according to the Indiana State Board for Depositories.
(B) In addition, the city will only use brokers/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, being 15 U.S.C. §§ 78a et seq.;
(4) A member of National Association of Securities Dealers (NASD); and
(5) Proof of state registration.
(Ord. 23-11, passed 6-26-2023)