(A) Investments will be made with banks located in or within close proximity to the city.
(B) Investments, whenever possible, will be competitively bid with all participating banks.
(C) Offering reports will be issued to each eligible bank from the Treasurer’s office. The reports will include the amount of investment, desired date of maturity, and the time and date that bids are due.
(D) Banks may place their bid either by fax to a specified member or in writing, up to the cutoff time and date for bids. Both the interest rate and the net amount of interest to be paid must be submitted.
(E) Deposits exceeding $100,000 per bank shall be collateralized with securities pledged at 105% of the amount exceeding $100,000. United States government securities or repurchase agreements tied to securities of the United States government are considered an appropriate pledge.
(F) Banks which wish to be eligible to receive investments must submit copies of their quarterly consolidated reports of condition and income to the City Treasurer on a regular and timely basis.
(G) Investments will be awarded to the highest eligible bidder.
(H) Funds will be wire transferred to the receiving financial institution before 2:00 p.m. Eastern Standard Time or Eastern Daylight Time, or as soon as possible after the bidding has been closed.
(I) Wire transfer charges will not be a billable item and should be part of the net bid amount.
(J) Banks which participate in the bidding process for a particular investment may receive, upon request, a copy of the worksheet showing all bids received.
(Ord. 521, passed 6-13-2006)