(A) Before the county treasurer invests any surplus funds, a competitive “bid” process shall be conducted by telephone. Bids will be requested for various options with regard to term and instrument. The county treasurer will accept the bid which provides the highest rate of return within the maturity required and within the parameters of these policies.
(B) In the event of a tie bid, the county treasurer may divide the bid, request new bids or accept the bid which appears most advantageous to the county, taking into consideration such factors as costs, convenience to the county and other factors as may be appropriate under the circumstances. Records will be kept by the county treasurer of the bids offered, the bids accepted and a brief explanation of the decision regarding the investment.
(‘77 Code, § 8-92) (Ord. 1592, passed 3-16-92)