(a) As funds become available from time to time for deposit or investment, the Commissioner of Taxation and Treasury shall determine, consistent with the objectives set forth in Section 192.07, and the then current strategy established pursuant to Section 192.10, whether such funds shall be deposited in demand deposits or deposited or invested in authorized investments and the type or types of authorized investments to be made or acquired.
(b) The Commissioner of Taxation and Treasury shall seek to obtain three or more quotations for the purpose of selecting each authorized investment and shall maintain records of all quotations sought and received. In the event that he is unable to obtain three quotations, the Commissioner of Taxation and Treasury shall obtain the consent of the Director of Finance before accepting a quotation and making or acquiring an authorized investment.
The Commissioner of Taxation and Treasury shall, whenever possible, accept the quotation providing the City with the largest return on its investment. However, the Commissioner's foremost responsibility is to comply with Chapter 192, particularly its objectives (Section 192.07) and diversification requirements (Section 192.13).
(Ord. 164-89. Passed 2-28-89; Ord. 178-94. Passed 4-18-94.)