The investment officer will obtain telephone, faxed or emailed quotes before purchasing or selling an investment. The investment officer will select the quote which best satisfies the investment objectives of the investment portfolio within the parameters of this policy. The investment officer will maintain a written record of each bidding process including the name and prices offered by each participating financial institution.
If the city hires an investment advisor to provide investment management services, the advisor must provide documentation of competitive pricing execution on each transaction. The investment advisor will retain documentation and provide upon request.
For swap or exchange transactions that do not change the average maturity of the investment portfolio by more than two months, the investment officer may forgo the quote process prior to selling and purchasing the swap or exchange securities. (Ord. 2937 § 1, 2014)