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What is the City of Tuscaloosa's investment policy for municipal funds?

What is the City of Tuscaloosa's investment policy for municipal funds?

The City of Tuscaloosa solicits bids on a weekly basis for certificates of deposit from local financial institutions that participate in Alabama's Safe program. The institution quoting the highest interest rate will be awarded the investment. In the case where more than one institution quotes the same rate, the investment will be given to the financial institution that is holding the lowest number of investments.