Ordinance 2083-95 - Laserfiche WebLink

• 6.0 Ethics and Conflicts of Interest. The City Investment Committee shall refrain from personal business activity that could conflict with the proper execution of the investment program, or which could impair her/his ability to make impartial investment decisions. The City Investment Committee shall disclose to the Mayor and the Council any material financial interests in financial institutions that conduct business with the City, and she/he shall further disclose any large personal financial/investment positions that could be related to the performance of the City's portfolio. The City Investment Committee shall subordinate their personal investment transactions,to those of the City, particularly with regard to the time of purchases and sales. 7.0 Authorized Financial Dealers and Institutions. The Treasurer shall maintain a list of financial institutions authorized to provide investment services to the City of Everett. In addition, a list will also be maintained of approved security broker/dealers who maintain an office in the State of Washington. These may include primary dealers or regional dealers that qualify under U.S. 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 laws. 7.1 All financial institutions and broker/dealers who desire to become qualified bidders for investment transactions must supply the Treasurer with their most recent audited financial statements. 7.2 An annual review of the broker/dealers will be conducted. This review will include an interview with the Investment Committee which may include financial condition and registrations of such institutions and broker/dealers-by the Treasurer. 7.3 A current audited financial statement should be on file for each financial institution and broker/dealer in which the City invests.