§ 2-320. Authorized financial dealers and institutions.

(a)

The city manager 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 are authorized to provide investment services 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 qualified public depository as established by state/province laws.

(b)

All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the city manager with the following:

(1)

Audited financial statements;

(2)

Completed broker/dealer questionnaire; and

(3)

Certification of having read and understood the city's investment policy, and depository contracts and agreeing to comply with the policy.

(c)

An annual review of the financial condition and registrations of qualified bidders will be conducted by the city manager.

(d)

A current audited financial statement is required to be on file for each financial institution and broker/dealer in which the city invests.

(Ord. No. 582, § 8, 3-16-1998; Ord. No. 582-A, § I(8), 7-15-2002)