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HomeMy Public PortalAbout12010O R D I N A N C E NO. 12010 AN ORDINANCE to provide for the selection of Approved Depositary Banks and Approved Securities Dealers, the making and terms of time and demand deposits and Authorized Investments, the form of security for safekeeping of District funds, the approval of Authorized District Representatives for purposes of signing of checks and making of transfers of District funds, the furnishing of surety bonds for Authorized District Representatives, and reports of the Secretary-Treasurer to the Board of Trustees of the District with respect to the deposit and investment of District funds, and repealing prior ordinances and resolutions inconsistent herewith. BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section 1. Investment Policy. The Secretary-Treasurer shall prepare, maintain and adhere to a written investment policy which shall include an asset allocation plan which limits the total amount of District funds which may be invested in any particular investment authorized by law. The Secretary-Treasurer shall present a copy of such policy to the Board of Directors annually or at any time the written investment policy is amended. Section 2. Time and Demand Deposits - Approved Depositary Banks/Contracts. A. The Secretary-Treasurer shall maintain a list of banks or trust companies, situated in the District, approved for deposit of District funds ("Approved Depositary Banks"). The list of Approved Depositary Banks, attached hereto as Exhibit "A", is hereby approved; provided that such list may be modified from time to time by resolution of the Board of Trustees of the District. B. The Secretary-Treasurer shall determine, by the exercise of his best judgment, the amount of District funds that are not immediately needed for the purpose to which such funds are applicable, and shall keep on demand deposit in Approved Depositary Banks the amount of District funds which he has so determined are needed for current operating expenses of the District and disburse the same as authorized by state law and the District's Plan. C. Within the parameters of the Secretary-Treasurer's written investment policy, the Secretary-Treasurer shall place the District funds which he has determined are not immediately needed for the purpose to which said funds are applicable, on time deposit drawing interest in Approved Depositary Banks, or place them outright or by repurchase agreement in Authorized Investments described in Section 3 of this Ordinance, as he in the exercise of his best judgment determines to be in the best overall interest of the District, giving due consideration to: (1) The preservation of such moneys; (2) The liquidity needs of the District; (3) The comparative yield to be derived therefrom; (4) The effect upon the economy and welfare of the people of Missouri of the removal or withholding from banking institutions in the District of all or some such District funds and investing same in obligations authorized in section 15, article IV of the Missouri Constitution; and (5) All other factors which to him as a prudent Secretary-Treasurer seem to be relevant to the welfare of the District in the light of the circumstances at the time prevailing. In making such deposits or investments, the Secretary-Treasurer shall follow the applicable investment strategy submitted to the Board of Trustees of the District as a part of his monthly report as required by Section 4 of this Ordinance; provided that the Secretary-Treasurer may make investments or deposits, which are not consistent with such investment strategy, when such action is, in the judgment of the Secretary-Treasurer, in the best interest of the District, taking into consideration the factors set forth in this Section, provided the Secretary-Treasurer will note such action in his next monthly report to the Board of Trustees of the District. D. In placing moneys on demand or time deposit, the Secretary- Treasurer shall use his best efforts to obtain three quotes from Approved Depositary Banks and shall place such funds with the Approved Depositary Bank selected by him, taking into consideration the quote of such Approved Depositary Bank and the factors set forth in Section C above. The Secretary-Treasurer shall maintain a record of all quotes received. The Secretary-Treasurer may place such funds with an Approved Depositary Bank, without obtaining quotes, when such action is, in the judgment of the Secretary-Treasurer, in the best interest of the District taking into consideration the factors set forth in Section C above, provided that the Secretary-Treasurer shall note such action in his next monthly report to the Board of Trustees of the District. E. The Executive Director and Secretary-Treasurer of the District are authorized and directed to execute a contract with each Approved Depositary Bank holding funds of the District. The contract shall be in substantially the form of Exhibit "B" attached hereto with such changes therein as shall be approved by the Executive Director, Secretary-Treasurer and General Counsel of the District, provided that such officers' signatures on such contract shall constitute conclusive evidence of the approval thereof. Section 3. Authorized Investments - Approved Securities Dealers - Contracts. A. The Secretary-Treasurer may subscribe for or purchase outright or by repurchase agreement obligations of the United States government which are lawful for investment of the District's funds under state law and the District's Plan ("Authorized Investments") which he, in the exercise of his best judgment, believes to be the best for investment of District funds at the time and in payment therefor may withdraw moneys from any bank account, demand or time, maintained by him. The Secretary-Treasurer may bid on subscriptions for such Authorized Investments in accordance with his best judgment. Such Authorized Investments may be purchased from any primary government securities dealer certified as such by the New York Federal Reserve Bank, from any Authorized Depositary Bank or from any securities dealer with offices in the District selected by the Secretary-Treasurer and approved by resolution of the Board of Trustees of the District ("Approved Securities Dealers"). The Secretary-Treasurer shall maintain a list of Approved Securities Dealers. The list of such Approved Securities Dealers, attached hereto as Exhibit "C", is hereby approved; provided that such list may be modified from time to time by resolution of the Board of Trustees of the District. The Secretary- Treasurer shall provide for the safekeeping of all such Authorized Investments so acquired in the same manner that securities pledged to secure the repayment of District funds deposited in Approved Depositary Banks are kept by him pursuant to law. The Secretary- Treasurer may hold any such Authorized Investments so acquired by him until its maturity or prior thereto may sell the same outright for a negotiated fee as he, in the exercise of his best judgment, deems necessary or advisable for the best interest of the District in the light of the circumstances at the time prevailing. The Secretary-Treasurer may pay all costs and expenses reasonably incurred by him in connection with the subscription, purchase, sale, collection, safekeeping or delivery of all such Authorized Investments at any time acquired by him. In purchasing or selling Authorized Investments the Secretary- Treasurer shall use his best efforts to obtain two quotes from Approved Securities Dealers and shall purchase or sell Authorized Investments with the Approved Securities Dealers selected by him, taking into consideration the quote of such Approved Securities Dealers, the costs and expenses to be paid by the District in connection with such transaction, and the factors set forth in Section 2C above. The Secretary-Treasurer shall maintain a record of all quotes received. The Secretary-Treasurer may purchase or sell Authorized Investments, without obtaining quotes, when such action is in the judgment of the Secretary-Treasurer, in the best interest of the District taking into consideration the factors set forth in Section 2C above, provided that the Secretary-Treasurer shall note such action in his next monthly report to the Board of Trustees of the District. B. The Executive Director and Secretary-Treasurer of the District are authorized and directed to execute a contract with each Approved Depositary Bank or each Approved Securities Dealer with whom the District enters into a repurchase agreement. The contract shall be in substantially the form of Exhibit "D" attached hereto with such changes therein as shall be approved by the Executive Director, Secretary-Treasurer, and General Counsel of the District, provided that such officers' signatures on such contract shall constitute conclusive evidence of the approval thereof. Section 4. Secretary-Treasurer's Report. The Secretary-Treasurer shall prepare a monthly report to the Board of Trustees of the District relating to the deposit and investment of District funds pursuant to this Ordinance. The Secretary-Treasurer's monthly report shall include a prospective overview of the Secretary-Treasurer's investment strategy for the deposit and investment of District funds for the next succeeding monthly period and a report regarding the deposit and investment of District funds for the preceding monthly period including the performance of such funds for the reporting period. Section 5. Security for Safekeeping of District Funds. For the security of the funds deposited by the Secretary-Treasurer under the provisions of this Ordinance, the Secretary-Treasurer shall, from time to time, submit a list of acceptable securities to be approved by resolution of the Board of Trustees of the District and the Secretary-Treasurer shall require of the Approved Depositary Banks as security for the safekeeping and payment of deposits, securities from the list provided for in this section, which list may include only securities of the kind and character permitted by state law and the District's Plan ("Approved Collateral"). The list of Approved Collateral, attached hereto as Exhibit "E" is hereby approved; provided that such list may be modified from time to time by resolution of the Board of Trustees of the District. Such securities shall be delivered to the Secretary-Treasurer or to a disinterested banking institution or safe depositary, as escrow agent or trustee, as directed by the Secretary-Treasurer. Section 6. Authorized District Representatives. All requests for transfers of funds from District accounts to other accounts of the District maintained at the same Approved Depositary Bank, other than transfers by check, may be authorized by telephonic, telegraphic, oral or written request received from an Authorized Representative of the District. A transfer of funds from District accounts in favor of third parties shall be authorized only at the request of any two Authorized Representatives of the District. All checks drawn on any accounts of the District shall be signed, either manually or by means of a check-signing machine, by any Authorized Representative of the District; provided that checks of $5,000 or more may not be signed by means of a check signing machine or other facsimile and must be signed by the manual signatures of two Authorized Representatives of the District. The Authorized Representatives of the District, which include the Secretary-Treasurer, Assistant Secretary-Treasurer, General Counsel, and Assistant Executive Director of the District are hereby approved; provided that the Board of Trustees may, from time to time, by resolution change such Authorized Representatives of the District. Section 7. Official Bonds. The Secretary-Treasurer of the District shall, before entering upon the discharge of his duties hereunder, give bond in the sum of not less than $1,000,000 to the District and any other Authorized Representative of the District shall give bond in the sum of not less than $500,000; provided that the District may purchase such bond in additional amounts which the Executive Director deems in the best interest of the District, taking into consideration the security of District funds as well as the cost of such bond. The bond shall be furnished with a surety company authorized to do business in the State of Missouri and shall be in such form as may be prescribed by the General Counsel of the District. The bond shall be filed in accordance with Section 7.070 of the District Plan. Section 8. Prior Ordinances. The provisions contained in this ordinance shall take the place of and supersede the provisions of all prior ordinances or resolutions relating to the same subject matter which are herewith inconsistent, including but not limited to Ordinance Nos. 7879, adopted August 9, 1989 and 10908, adopted February 8, 2001, and such ordinances are hereby repealed. EXHIBIT A LIST OF APPROVED DEPOSITARY BANKS Bank of America N.A. Bremen Bank & Trust Company Carrollton Bank Cass Bank & Trust Company Centennial Bank Central West End Bank Citizens National Bank Commerce Bank of St. Louis Commerce Trust Commercial Bank Concord Bank Eagle Bank and Trust Company of Missouri Enterprise Bank First Bank First National Bank of St. Louis First Third Bank Founders Bank Frontenac Bank Gateway National Bank of St. Louis Heartland Savings Bank Jefferson Bank & Trust Company Lindell Bank & Trust Company Meramec Valley Bank Midwest BankCentre Missouri State Bank Montgomery 1st National Bank National City Bank Normandy Bank Northern Trust Bank Pioneer Bank & Trust Company Pulaski Bank A Savings Bank Regions Bank, N.A. Reliance Bank Rockwood Bank Royal Banks Saint John's Bank & Trust Company Southern Commercial Bank Southwest Bank The Bank of New York* Truman Bank UMB Bank N.A. UMB Trust US Bank *Paying Agent Institutions Only EXHIBIT "B" DEPOSITARY CONTRACT FOR DEPOSITS OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT THIS CONTRACT, made the _____ day of_________________, 200__, between the Secretary-Treasurer of The Metropolitan St. Louis Sewer District (hereinafter the "District") and ___________ ______________ (hereinafter the "Depositary"); WITNESSETH: Pursuant to the provisions of Section 7.080 of the District's Plan and Ordinance No.__________ of the District, Depositary has been selected as a depositary of moneys of the District; and it is hereby agreed as follows: 1. Demand Accounts. The Secretary-Treasurer of the District will from time to time deposit moneys with Depositary on demand deposit. The District agrees to establish and maintain with Depositary the following demand deposit accounts:___________ _______________________________________________. Depositary agrees to safely keep the demand deposits made hereunder, to promptly collect all checks, drafts and other instruments of exchange deposited with it under this contract, and to pay out such sums as the District may draw by check or other transfer as hereinafter provided. 2. Certification of Deposit. The Secretary-Treasurer of the District will from time to time purchase certificates of deposit from the Depositary. The rates of interest, basis of calculation of interest, time of payment of interest and maturity of each such certificate of deposit shall be as agreed to by the District and the Depositary at the time of purchase. 3. Collateral for Deposits. The Secretary-Treasurer shall from time to time provide the Depositary a list of approved securities ("Securities"), which may be provided as collateral for District deposits. The current list of Securities is attached hereto as Addendum A. To secure the safekeeping of the moneys deposited under this contract, Depositary will deliver Securities, in an amount at least equal in market value to the amount of deposits of District and its subdistricts in the Depositary hereunder, as directed by the Secretary-Treasurer. Such Securities shall be delivered to the Secretary-Treasurer or to a disinterested banking institution or safe depositary, as escrow agent or trustee (the "Custodian") as directed by the Secretary-Treasurer in writing. The current written direction of the Secretary-Treasurer as to the Custodian for such Securities is attached hereto as Addendum B. Depositary does hereby grant, bargain, convey and pledge a security interest in any and all Securities deposited with the Secretary-Treasurer of the District or the Custodian in accordance with the terms of this contract. Upon an increase in the deposits of the District in the Depositary, the Depositary will - B-1 - make additional deposits of Securities with the Secretary- Treasurer or Custodian, equal in market value to the amount by which such deposits have increased. Upon a decrease in the deposits of the District in the Depositary, the Secretary- Treasurer of the District shall consent to a withdrawal of deposits of Securities in such amounts as will insure that all deposits are fully collateralized in the amount required hereunder. 4. Accounting and Safekeeping of Securities. The Secretary-Treasurer of the District may from time to time inspect or request an accounting of the securities to determine that they are kept and maintained as required in paragraph 3. Any expenses charged by the Custodian for the deposit, safekeeping and inspection of said securities shall be paid by Depositary. If in any case, or at any time, the Secretary-- Treasurer of the District determines that the Securities given by Depositary do not satisfactorily secure the deposits made or to be made hereunder, the District may require additional or substitute security to be given and Depositary shall furnish additional or substitute security as is satisfactory to the Secretary-Treasurer of the District. 5. Substitution of Securities. The Depositary may, at any time with the consent of the Secretary-Treasurer, withdraw any of the Securities deposited to secure the safekeeping of the moneys deposited hereunder upon depositing in lieu thereof other Securities of like kind and character and at least equal in market value to the Securities withdrawn. Securities so deposited will be pledged to secure payment by the Depositary of District funds as directed by the District pursuant to the provisions hereof, and such Securities shall be released and delivered to the District on its sole demand made to the Custodian, in the event that the Depositary should fail to pay such secured funds, or any part thereof, as directed by the District pursuant to the provisions hereof, and that securities so released and delivered to the District shall be converted into money and the District shall use the same in lieu of such secured funds. 6. Statement of Accounts. Depositary shall, at times specified in writing by the Secretary-Treasurer of the District, render a statement showing the daily balance, or amount of money, held by it under this contract and shall include with such statement all cancelled checks drawn on any accounts of the District covered by such statement. - B-2 - 7. Conversion of Securities. In the event that Depositary defaults in any manner in performing any of the terms and conditions of this contract between the parties or fails to keep safely the moneys deposited with it, or to pay any demand ordered by the Secretary-Treasurer of the District, the Secretary-Treasurer of the District shall be authorized forthwith without notice, advertisement or demand and at public or private sale to convert into money the Securities deposited by Depositary or as many of them as may be necessary to pay the whole amount of the moneys deposited; and District may purchase at the then market value any or all of the Securities sold at any such sale. 8. Charges for Services. The District will be responsible for all charges for services provided by Depositary, as mutually agreed in the attached Pricing Schedule, Addendum C. The Depositary agrees to give the District 60 days advance written notice prior to the effective date of any changes in Pricing Schedule, Addendum C. The Depositary will bill the District monthly for charges for services and will not automatically debit any account of the District maintained with the Depositary for such charges. The Depositary retains its right to set off against any such account for charges which remain unpaid 30 days from date of billing, provided that if the District disputes any charge within such 30 day period the Depositary's right to set off with respect to such disputed charge may only be exercised for such charges which remain unpaid 30 days following notice by the District to the Depositary that such charge is in dispute. 9. Transfer of Funds. The Depositary is authorized to honor, execute and charge to the District's account at the Depositary all telephonic, telegraphic, oral or written requests received from an Authorized Representative of the District for transfers of funds from District accounts to other accounts of the District maintained with Depositary, provided that a transfer of funds from District Accounts in favor of third parties, other than a transfer by check, shall be made by the Depositary at the request of any two Authorized Representatives of the District. The names, offices, manual signatures and facsimile signatures of individuals presently serving as Authorized Representatives of the District are set forth on Addendum D. The Executive Director and Secretary-Treasurer of the District shall notify the Depositary in writing of any changes in such Authorized Representatives of the District. 10. Checks of the District. The Depositary is authorized to honor, execute and charge to the District's accounts at the Depositary all checks drawn on any such accounts, signed either manually or by means of a check signing machine, by any Authorized Representative of the District as set forth in Addendum D; provided that checks of $5,000 or more may not be signed by means of a check signing machine or other facsimile but only by manual signature and checks of $50,000 or more must be - B-3 - signed by the manual signatures of two Authorized Representatives of the District. 11. Assignment. Depositary shall not transfer by assignment, subcontract or otherwise any interest in this contract without the prior written consent of the Secretary-Treasurer of the District. 12. Access. Depositary shall permit reasonable access by the Secretary-Treasurer of the District for purposes of performing audit procedures relating to any aspect of services provided by Depositary to District in connection with this contract. 13. Records. Depositary shall maintain complete records relating to deposits made hereunder in accordance with state and federal laws, rules and regulations. No listing, report or other material generated from date covered by this contract may be disclosed or transferred by Depositary to any other person, except as required by state and federal laws, rules and regulations, and then only after notice to the Secretary-Treasurer of the District. 14. Term. This contract shall continue in force and effect until ________________, provided that such contract shall automatically renew on each June 30 for an additional one-year period unless Depositary is notified by the Secretary-Treasurer of the District that this contract will terminate on such June 30; provided, however, that each party reserves the right to terminate this contract at any time on giving sixty (60) days written notice to the other party of its intention to do so, and this contract shall continue in effect until so terminated. 15. Depositary Resolution. There is attached hereto a certified copy of the resolution adopted by the Board of Directors of Depositary authorizing the execution and delivery of this contract by the officers of Depositary, whose names are affixed on behalf of Depositary. 16. Modification. This Agreement and Addendum may be modified or amended only in writing and agreed to by both parties. 17. Applicable Law. This Agreement and all sections thereof shall be governed by the laws of the State of Missouri. [18. Additional Services. The Depositary and the District mutually agree that the Depositary shall perform certain additional banking services as described in Addendum E under the terms and conditions as described in Addendum E, which is incorporated herein by reference; provided that in the event of conflicts between this contract and Addendum E, as to the - B-4 - services described in Addendum E the provisions of such Addendum shall control.] IN TESTIMONY WHEREOF, the parties have executed this contract in duplicate and hereunto subscribed their names and affixed their seals as of the date first above written. (SEAL) THE METROPOLITAN ST. LOUIS SEWER DISTRICT By ______________________________ Executive Director of The Metropolitan St. Louis Sewer District ATTEST: _____________________________ Secretary-Treasurer Approved as to form: _____________________________ General Counsel (SEAL) ______________________________ By ______________________________ Title: __________________________ ATTEST: _____________________________ Secretary or Assistant Secretary - B-5 - ADDENDUM A SECURITIES ACCEPTABLE AS COLLATERAL TO SECURE DEPOSITS The securities described below are hereby designated as acceptable collateral for District funds on deposit, as required by Section 30.270 RSMo (as amended). The Secretary- Treasurer reserves the right to refuse to accept as collateral any security or securities on this list, or to request the submission of an alternate acceptable security or securities, if, in the sole discretion of the Secretary-Treasurer, the Secretary-Treasurer determines that such action will provide greater security for the deposit of District funds. The securities described below are designated as acceptable collateral for the deposit of District funds. The listing is not intended to serve as, and should not be considered as a listing of legally authorized investment instruments. 1. Marketable Treasury securities of the United States. 2. The following debt securities of the State of Missouri and its state authorities: a. General obligation debt securities issued by the State of Missouri. b. Revenue bonds issued by the Missouri Board of Public Buildings or Department of Natural Resources. c. Revenue bonds of the Missouri Housing Development Commission, Missouri Health and Education Facilities Authority, Missouri Higher Education Loan Authority, Missouri Environmental Improvement and Energy Resources Authority, Missouri Agricultural and Small Business Development Authority, Missouri Industrial Development Board, or State-owned educational institutions, so long as any of the above are rated "A" or better by Moody's or Standard & Poors (M1 on notes, or are secured by a federal agency guarantee (directly or through guaranteed loans). 3. General obligation bonds of any city in this state having a population of not less than two thousand. 4. General obligation bonds of any county of this state. 5. General obligation bonds approved and registered, of any school district situated in this state. 6. General obligation bonds, approved and registered, or any special road district in this state. 7. General obligation state bonds of any of the 50 states. 8. Debt securities of the Federal Farm Credit System. 9. Debt securities of the Federal Home Loan Banks (FHLB) (excluding Zeros). 10. Other debt securities guaranteed by the United States or its agencies or instrumentality's, as follows: a. Debt securities of the Federal National Mortgage Association (FNMA). b. Debt securities of the Student Loan Marketing Association (SLMA). c. Debt securities of the Government National Mortgage Association (GNMA). d. Debt securities of the Federal Home Loan Mortgage Corporation (FHLMC) (excluding FHLMC Mortgage Cash Flow Obligations). e. Guaranteed Loan Pool Certificates of the Small Business Administration (SBA). f. Federal Home Administration insured notes (CBOs). g. Public housing notes and bonds ("project notes and bonds") issued by public housing agencies, guaranteed as to the payment of principal and interest by the government of the United States or any agency or in instrumentality thereof. h. Debt securities of the Resolution Funding Corporation (REFCORP). All pledges of pass-through mortgage-backed securities will be valued at 90% of market value. SBA pool certificates and collateralized mortgage obligations will be valued at 75% of market value. The only Collateralized Mortgage Obligations (CMO) the Secretary Treasurer's Office will accept are Planned Amortization Class (PAC) Collateralized Mortgage Obligations that have a weighted average life not to exceed three years and pass the FFIEC High Risk Stress Test. No Strips or Zeros are acceptable. 11. Bonds of any political subdivision established under the provision of Section 30, Article VI, of the Constitution of Missouri. 12. Tax anticipation notes issued by any county of class one in Missouri. 13. Surety bond issued by an insurance company licensed under the laws of the State of Missouri whose claims-paying ability is rated in the highest category by Duff & Phelps, A.M. Best, Standard & Poors, or Moody's. The face amount of such surety bond shall be at least equal to the portion of the deposit to be secured by the surety bond. 14. Irrevocable standby Letter of Credit issued by a Federal Home Loan Bank possessing the highest rating issued by at least one nationally recognized statistical rating agency. Unless noted otherwise, the market value of collateral must be 100% or greater of the amount of District time deposits (including interest to maturity) plus demand deposits with the depository, less the amount, if any, which is insured by the Federal Deposit Insurance Corporation. All securities pledged as collateral by the depository will be held by the Secretary-Treasurer, in a segregated account. All collateral pledged must be delivered in bearer form, book-entry form, or in the case of fully registered certificates, placed into the nominee name of the custodian. ADDENDUM B DIRECTION REGARDING CUSTODIAN OF SECURITIES ADDENDUM C PRICING SCHEDULE ADDENDUM D AUTHORIZED REPRESENTATIVES OF THE DISTRICT Title Name Signature Facsimile Secretary-Treasurer _________________ ___________________ ______________ Assistant Secretary-Treasurer _________________ ___________________ ______________ General Counsel _________________ ___________________ ______________ Assistant Executive Director _________________ ___________________ ______________ - B-10 - ADDENDUM E ADDITIONAL SERVICES EXHIBIT "C" LIST OF APPROVED SECURITIES DEALERS Primary Government Securities Dealers* ABN AMRO Incorporated Banc of America Securities L.L.C. Barclays Capital Inc. Bear, Stearns & Co., Inc. BNP Paribas Securities Corp. CIBC World Markets Corp. Citigroup Global Markets Inc. Countrywide Securities Corporation Credit Suisse First Boston Corporation Daiwa Securities America Inc. Deutsche Bank Securities Inc. Dresdner Kleinwort Benson North American L.L.C. Goldman, Sachs & Co. Greenwich Capital Markets, Inc. HSBC Securities (USA) Inc. J.P. Morgan Securities, Inc. Lehman Brothers Inc. Merrill Lynch Government Securities Inc. Mizuho Securities USA Inc. Morgan Stanley & Co. Incorporated Nomura Securities International, Inc. UBS Securities LLC. _______________________ *Such Primary Government Securities Dealers shall be those certified as such, from time to time, by the New York Federal Reserve Bank. Securities Dealers in the District A. G. Edwards & Sons, Inc. Edward D. Jones First St. Louis Securities Inc. RBL Dain Rauscher Corp. Siebert Branford Shanks & Co., LLC Stifel Nicolaus & Co., Inc. Stern Brothers & Co. District Authorized Depositary Banks The foregoing Ordinance was adopted June 9, 2005.