Sec. 110.206. - Placement of time deposits.

(a) Definitions. As used in this Section: (1) Commercial bank shall mean a national or State commercial bank having its principal place of business in the City. (2) Savings association shall mean a federal association organized under the laws of the United States and under federal supervision, having its principal place of business in the City. (3) Time deposits shall include certificates of deposit, time deposits and savings deposits as defined under applicable federal banking laws and regulations. (b) Placement procedure. Subject to the approval of the Director of Finance and Administration, the Treasurer is authorized to place any or all of the excess funds of the City in time deposits held by one or more commercial banks or savings associations; provided, that the financial institutions selected shall be qualified public depositories under F.S. Ch. 280. The placement of such funds shall be made according to the following procedure: (1) Subject to the approval of the Director of Finance and Administration, the Treasurer shall from time to time determine the amount of excess funds of the City which in his judgment, according to the best interests of the City, should be placed in time deposits held by commercial banks or savings associations, and shall determine the desired period of time for each such deposit. (2) The Treasurer shall solicit sealed bids from all commercial banks and savings associations to determine the highest rate of interest which can then be obtained on the placement of excess funds in time deposits. All bids submitted shall contain the following terms and conditions and shall conform to the following procedures: (i) No bid shall require the City to maintain any demand deposit with the bidder. (ii) Time deposits shall be secured by a pledge of collateral by the bidder equal in market value to the amount of money deposited. Subject to the approval of the Director of Finance and Administration, the Treasurer is authorized to accept as collateral such securities as the Treasurer of the State of Florida is from time to time authorized by Florida law to accept as collateral security for demand deposits of State funds in commercial banks. (iii) Bids for time deposits shall be solicited upon both the entire amount offered for deposit, which shall not be less than $100,000, and upon increments of $100,000 thereof. Any commercial bank or savings association may bid upon the entire amount offered or upon one or more increments of $100,000 thereof, or both. (iv) In the case of tie bids, the award, in whole or in part, shall be made in the best interest of the City to one or more of the tie bidders in the discretion of the awarding authority. (v) The City shall reserve the right to reject any or all bids. (3) Awards under this Section shall be made by a majority vote of the Director of Finance and Administration, the Treasurer and the General Counsel who shall comprise the awarding authority. (Ord. 68-66-96, §§ 1, 2; Ord. 70-650-526; Ord. 71-397-181; Ord. 75-402-212, § 1; Ord. 83-591-400, § 1; Ord. 86-1305-736, § 3; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 124.106 .