A. Because of rapid fluctuations in 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 of the specifications and requirements of the bid solicitation, and must be received by the Mayor at or before the date and time specified in the bid solicitation. The Mayor shall not consider nonresponsive bids.

B. The Mayor shall award a bid to the financial institution whose bid best fulfills the investment objectives contained in FNSBC 7.16.020, considering the Borough investment portfolio as a whole; meets the bid specifications; and complies with all other restrictions and limitations contained in this chapter and the administrative procedures adopted under this chapter.

C. All securities transferred to or from the Borough, except securities pledged as collateral, shall be transferred using the delivery versus payment method. All securities pledged to the Borough as collateral shall be actually received by a custodial bank designated by the Mayor, before Borough funds are transferred to the financial institution with which the Borough is investing. The Mayor may require financial institutions to deliver collateral to a custodial bank prior to bidding on Borough investments.

D. The Mayor shall maintain records of the specifications of all bid solicitations, and the contents of all responses thereto, including the date and time each such response was received. The Mayor shall also prepare a record of the final decision made with respect to each solicitation for bids, together with a brief explanation of the reasons for such decision. The Mayor shall prepare such written records not later than one business day following the day on which the Mayor takes final action with respect to each bid transaction. (Ord. 87-069 § 4, 1988. 2004 Code § 3.04.110.)