Specifications for the appointment of a city depository shall be prepared by the City Secretary and approved by the City Commission. Competitive bidding requirements shall include among others the amount or rate of interest the applicant is willing to pay on the various types of deposits used by the city. These specifications shall be made available to all interested parties. The City Commission shall have the unqualified right, at its discretion, to reject any and all bids or to award the appointment to the bidder it shall deem to be in the best interest of the city.
(1998 Code, § 2-162)