(A) The treasurer will maintain a list of financial institutions authorized to provide investment services. In addition, a list will also be maintained of approved security broker/dealers selected by credit worthiness, who may maintain an office in the state. These may include “primary” dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15C3-1 (uniform net capital rule). No public deposit shall be made except in a duly licensed and qualified public depository as established by state or federal laws.
(B) All financial institutions who desire to become qualified bidders for investment transactions must supply the county treasurer with the following:
(1) An audited financial statement or other form of independent external auditing program statement;
(2) Certification of having received, having read and being knowledgeable of this subchapter;
(3) Certification of Federal Deposit Insurance Corporation Insurance;
(4) Certification of directors and officers liability insurance having policy limits of no less than $500,000; and
(5) Certification of fidelity bond.
(C) All broker/dealers who desire to become qualified bidders for investment transactions must supply the county treasurer with the following:
(1) An audited financial statement;
(2) Certification of National Association of Security Dealers certification;
(3) Certification of registration from the South Carolina Secretary of State Securities Division;
(4) Certification of having received, having read and being knowledgeable of this subchapter; and
(5) Certification of fidelity bond.
(D) The county treasurer shall conduct an annual check of the disciplinary record and registration of the bidding broker/dealers with the South Carolina Secretary of State Securities Division.
(E) An annual review of the financial condition of qualified bidders will be conducted by the treasurer. A current financial statement is required to be on file for each financial institution and broker/dealer with which the county invests.
(‘77 Code, § 8-91) (Ord. 1592, passed 3-16-92)