109.13 PROCEDURE FOR INVESTING CITY FUNDS.

   (a)   The Director of Finance is hereby authorized and directed to invest the City's funds so as to yield the highest returns consistent with the City investment principles provided in Section 109.02 and applicable investment strategy.

   (b)   Price and rate quotations for all investments may be obtained from sources within or outside the City. In the case of the sale or purchase of securities where all other factors considered by the Director are equal, placement shall be made in a banking institution situated within the City.

   (c)   The Director is authorized and directed to seek competition in the investment of all City funds and may invest all or part of such funds outside the designated central depository bank, provided the central depository bank may bid for such investments as any other financial institutions.

   (d)   The Director is authorized to pool cash balances from the several funds of the City for investment purposes. (Ord. 87-253. Passed 5-27-87.)