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

(b) The Finance Director and Controller shall award a bid to the financial institution whose bid best fulfills the investment objectives contained in the scope of this chapter 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 (DVP) method. Securities transferred as collateral shall be actually received by the custodial bank designated by the Finance Director and Controller before City funds are transferred to the financial institution with which the City is investing. The Finance Director and Controller may require financial institutions to deliver collateral to a custodial bank prior to bidding on City investments. [Code 1979 § 6.05.05.]