(A) The purpose of seeking competitive quotes is to strengthen the investment program in terms of the level and consistency of performance. To the extent practical, all investments will be placed with financial institutions yielding the highest returns to the city. The right is reserved to reject the quote yielding the highest return of interest on any investment if inconsistent with the city's investment strategy, i.e. maturity, risk, liquidity, etc.
(B) Price and rate quotations on all trades may be obtained from sources within and outside the city. In the case of the sale of securities or the purchase of securities where all other factors are considered by the Director of Finance to be equal, the financial institution selected for placement will be determined by the following criteria and order of priority: 1) the financial institution situated within the city, or 2) the financial institution with the lesser amount of city funds on deposit at the time of the purchase of the security.
(1974 Code, §39.33) (Ord. 9-94, passed 5-2-1994; Am. Ord. 11-19, passed 5-6-2019)