(A)   Those financial institutions which are deemed to be financially strong shall receive an RFP. The RFP will solicit bids from financial institutions which wish to obtain the city's banking business. The RFP shall require information on what services can be provided to the unit and the costs associated with such services. The RFPs shall be compared and the financial institution selected as the official depository shall receive the city's bank accounts for a period of five years. The city shall maintain only three bank accounts; a disbursement account, a money market account and a payroll account. The City Council will designate the selected financial institution as the official depository for the city. The Finance Director shall sign for the city a contract with the official depository, establishing the banking services and costs that will be applicable to the city and what conditions will necessitate termination of the contract.
   (B)   The Finance Director shall maintain either the average daily balance in the official depository equal to one week's expenditures or an amount sufficient to off-set the costs associated with the account, whichever is greater. The Finance Director shall constantly review the activity on the account to determine target balances which shall accomplish the objectives of bank compensation and expenditure coverage. When the account balance exceeds the target level, the Finance Director shall include the coverage in the amount of moneys available for investment.
   (C)   The Finance Director shall periodically receive bids from financial institutions desiring to invest city moneys in various time deposits. These financial institutions shall undergo the same financial analysis as did those institutions receiving the RFP if the amount of time deposits exceeds the federal depository insurance coverage of $100,000.
(`90 Code, Appendix A, § 43)