A. The borough shall have only one designated investment manager, but may authorize no more than 10 financial institutions, brokers or dealers to provide investment services, providing all such institutions report to the investment manager.

B. The investment manager shall be responsible for selecting brokers and dealers who shall be made known to the assembly. Any financial institution, broker or dealer may be required to provide the following to the investment manager or the assembly: audited financial statements, proof of National Association of Security Dealers Certification (if applicable), and written agreement to comply with the borough’s investment policy.

C. Single investment purchases of $500,000 or more require quotations from agents. The investment manager shall solicit quotes from financial dealers/institutions and maintain records reflecting such quotes. (Ord. 07-08-164 § 4)