(A) Authorized funds in which the Investing Officer invests town funds shall have attained as least the minimum rating required by state statutes, as amended.
(B) 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 (NASO);
(5) Proof of state registration.
(Ord. 2023-49, passed 12-18-2023; Ord. 2024-13, passed 5-20-2024)