The City shall establish procedures and criteria for the selection of a custodial or safekeeping institution. 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. [Code 1979 § 6.05.08.]