Securities will be purchased or sold through approved broker/dealers on a "best price and execution" basis. All such investment transactions, executed by the city’s designated investment advisor, will be communicated electronically or by facsimile transmission to the Director of Finance or to an authorized representative, designated by the Director of Finance. A purchase or sale of securities will be represented by transaction advices issued by the city's investment advisor which will describe the transaction, including par value, coupon (if any), maturity date, and cost. A facsimile transmission or electronic advice will also be sent to the city's designated custodian bank and will serve as an authorization to such custodian to receive or deliver securities versus payment.
(Ord. 85-94, passed 10-3-94; Am. Ord. 89-96, passed 10-7-96; Am. Ord. 10-99, passed 2-16-99; Am. Ord. 82-13, passed 11-4-13; Am. Ord. 63-22, passed 11-14-22)