(A) Authorized investment officers shall attempt to obtain competitive bids from at least three authorized institutions prior to executing the purchase or sale of any authorized investments.
(B) Certificates of deposit shall be purchased by authorized investment officers on the basis of a qualified financial institutions ability to pay a required rate of interest to the Treasurer set on a daily basis. Such rate is generally determined on the basis of treasury or other appropriate market rates for a comparable term.
(Prior Code, § 2-313)