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authorized to provide investment services. In addition, a list will also be maintained of <br /> approved security broker/dealers selected by credit worthiness, these may include <br /> "primary" dealers or regional dealers that qualify under Security & Exchange Commission <br /> Rule 15C3-1 (uniform net capital rule). All broker investment transactions require the <br /> approval of authorized City staff. No public deposit shall be made except in a qualified <br /> public depository as established by state laws, and deposits will be insured by the Federal <br /> Deposit Insurance Corporation, or, to the extent the amount exceeds the insured <br /> maximum, will be collateralized in accordance with State law. <br /> In accordance with Section 53601.5, institutions eligible to transact investment business <br /> with the City include: <br /> • Institutions licensed by the state as a broker-dealer <br /> • Institutions that are members of a federally regulated securities exchange <br /> • Primary government dealers as designated by the Federal Reserve Bank and non- <br /> primary government dealers <br /> • Nationally or state-chartered banks <br /> • The Federal Reserve Bank <br /> • Direct issuers of securities eligible for purchase <br /> All financial institutions and broker/dealers who desire to become qualified bidders for <br /> investment transactions must supply the Director of Finance with the following: audited <br /> financial statements, completed broker/dealer questionnaire, and certification of having <br /> reviewed California Government Code, Section 53600 et seq. and read the City's <br /> investment policy. <br /> Selection of broker/dealers used by an external investment adviser retained by the City <br /> will be at the sole discretion of the adviser. Where possible, transactions with <br /> broker/dealers shall be selected on a competitive basis and their bid or offering prices <br /> shall be recorded. If there is no other readily available competitive offering, best efforts <br /> will be made to document quotations for comparable or alternative securities. When <br /> purchasing original issue instrumentality securities, no competitive offerings will be <br /> required as all dealers in the selling group offer those securities at the same original issue <br /> price. <br /> 4 <br />