Procedures and criteria for selection of a custodial or safekeeping institution shall be established under WMC 5.14.020. Selection of an institution shall be in accordance with those procedures and WMC Chapter 5.08, Contracts and Purchasing. The finance director shall enter into agreements with one or more financial institutions to provide custodial and safekeeping services for city investments. All investments purchased by the city, and all securities used as collateral for certificates of deposit, and other deposits, shall be either held directly by the city, or held by a third party custodial bank as agent for the city. Collateral for overnight repurchase agreements shall be pledged to the city but may be held by the financial institution. (Ord. 12-08 § 2, 2012)