§ 32.35 COMPETITIVE BIDDING.
   (A)   The purpose of competitive bidding is to strengthen the investment program in terms of level and consistency of performance. All sales of securities will be bid competitively to the extent practical and all investments will be placed with vendors yielding the highest returns to the city. The right is reserved to reject the bid yielding the highest rate of return on any investment if inconsistent with the city investment strategy, i.e., maturity, risk, liquidity, etc.
   (B)   Price and rate rotations 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 Finance Director to be equal, placement will be made in favor of the institution situated within the city if two bids or more are the same.
(Ord. 2973, passed 4-11-95)