A. Because of rapid fluctuations of interest rates and the brief period of availability of some securities, bids or offers may be solicited, received, and accepted, either orally or in writing. Solicitation, receipt, and acceptance of bids over the telephone are authorized. In order for a bid to be responsive, it must meet all the specifications and requirements of the bid solicitation. The finance director shall not consider nonresponsive bids.

B. The finance director shall award a bid or offer to the financial institution whose bid or offer best fulfills the investment objectives contained in WMC 5.14.010, considering the city investment portfolio as a whole.

C. All securities transferred to or from the city, except securities transferred as collateral, shall be transferred using the delivery versus payment method. Securities transferred as collateral shall be actually received by the custodial bank designated by the finance director, before city funds are transferred to the financial institution with which the city is investing. The finance director may require financial institutions to deliver collateral to a custodial bank prior to bidding on city investments. (Ord. 12-08 § 2, 2012)