(A) The purpose of competitive bidding is to strengthen the investment program in terms of level and consistency of performance. When purchasing securities, the Fiscal Officer will obtain the minimum number of offerings as follows:
Type of Security
|
Minimum Acceptable Number of Offerings
|
Government securities (secondary market) | 2 |
Nonnegotiable certificates of deposit | 2 |
(B) When selling any type of security, the Fiscal Officer will use his/her best efforts to obtain a minimum of three bids. The right is reserved to reject the offering or bid yielding the highest return if inconsistent with the village's investment strategy, i.e., maturity, risk, diversification, liquidity, etc.
(C) Price and rate quotations on all trades shall be obtained from authorized financial institutions and dealers within and outside the village. In the case of the purchase or sale of securities where all other factors are considered by the Fiscal Officer to be equal, placement will be made in favor of the institution situated within the village if two or more offerings or bids are the same.
(Ord. 98-6-7, passed - -98)