A. The Mayor shall maintain a roster of financial institutions qualified to bid on Borough investments, called the qualified bidders list. If the investment is a repurchase agreement, certificate of deposit or other deposit, the financial institution in which moneys are invested must be on the qualified bidders list. If the investment is a direct purchase of a security (other than a repurchase agreement, certificate of deposit or other deposit) either directly from the issuer or through an intermediary financial institution, the institution issuing the security need not be on the qualified bidders list, but any intermediary institution from which the Borough takes delivery of the security must be on the qualified bidders list.

B. The Mayor shall adopt administrative procedures under which financial institutions interested in becoming included on the qualified bidders list may apply for inclusion. The procedures may restrict the times at which applications will be received, but must provide at least one opportunity to apply for inclusion per year. The Mayor may also add financial institutions, which meet the criteria established under subsection (C) of this section, to the qualified bidders list at any time without utilizing the application procedure.

C. The Mayor shall adopt administrative procedures for evaluating financial institutions for inclusion on the qualified bidders list. Such procedures shall require financial institutions to provide such records, reports and information as the Mayor shall require, and shall be designated to evaluate the financial institution’s ability to meet the objectives of the Borough’s investment program, pursuant to FNSBC 7.16.020. The administrative procedures shall require an analysis of the credit characteristics, capitalization, management policies, financial history, client references and other relevant information concerning the credit worthiness and competitiveness of each financial institution. The Mayor may place a financial institution on the qualified bidders list if, after such analysis, they determine that the financial institution is able to meet the objectives of the Borough’s investment program. The procedures shall also require financial institutions on the qualified bidders list to submit such records, reports and information as the Mayor shall require, and also require that all financial institutions on the qualified bidders list be evaluated for continued retention on such list at least annually. (Ord. 2019-09 § 2, 2019; Ord. 87-069 § 4, 1988. 2004 Code § 3.04.090.)