(a) The Investment Board shall invest available interim funds only in eligible investments described in Section 113.07 purchased only through or from eligible institutions.
(b) Eligible institutions to receive investments shall be members of the National Association of Securities Dealers, Inc. or institutions regulated by the Superintendent of Banks, Superintendent of Savings and Loan Associations, Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, or Federal Home Loan Bank Board. The Investment Board shall maintain a list of eligible institutions, which shall be updated regularly. Eligible institutions may be deleted by virtue of any of the following:
(1) The failure of the eligible institution to meet the investment objectives of the City.
(2) The request of the eligible institution.
(3) The perception that the eligible institution is experiencing financial difficulties.
(4) A consistent lack of competitiveness by the eligible institution.
(5) Inadequate service to the City by the eligible institution.
(c) Price and rate quotations for investments shall be obtained from eligible institutions. Investments shall be purchased on the basis of obtaining the highest rate of return consistent with the City's investment objectives. In the case of the sale or purchase of investments where all other factors are equal, placement shall be made with the eligible institution situated within the City. The right is reserved to reject any or all bids or proposals or any bid if such is inconsistent with the City's investment objectives.
(d) City Council shall for good cause shown have the authority to order the sale or liquidation of any investment.
(Ord. 32-98. Passed 4-6-98.)