(A) The city will designate one banking institution through a competitive process as its central banking services provider every other year.
(B) This institution will be used for normal banking services including disbursements, collections and safekeeping of securities.
(C) Other banking institutions from which the city may purchase certificates of deposit will also be designated as a depository after they provide their latest audited financial statements to the city.
(Ord. 1303, passed 9-21-2006; Ord. 19-1236, passed 11-7-2019)