A. 
Liberal Construction. This article shall be liberally construed and applied to promote its underlying purposes and policies. Procurement situations may arise that do not fall within the parameters of following procedures. When such situations arise every effort will be made to adhere to the intent of purposes and policies as outlined in subsection B of this section.
B. 
Purposes and Policies. Underlying purposes and policies of this article are:
1. 
To simplify, clarify and modernize the law governing purchasing by the town.
2. 
To permit the continued development of purchasing policies and practices.
3. 
To make as uniform as possible the procedures on purchasing among the various departments and agencies of the town.
4. 
To provide for increased public confidence in the procedures followed in public purchasing.
5. 
To promote fair and equitable treatment to all suppliers or prospective suppliers of goods and services.
6. 
To promote effective competition among prospective suppliers of goods and services.
C. 
Supplementary General Principles of Law Applicable. Unless displaced by the particular provisions of this article, the principles of law and equity, including the Uniform Commercial Code, the law relative to capacity to contract, principal and agent, fraud, misrepresentation, duress, coercion, mistake and bankruptcy, shall supplement its provisions.
D. 
Application of the Code. This article shall apply to every expenditure of public monies by the town, including funds available under any contract, grant or like business agreement. In the event that any contracts, grants or other agreements with any state or federal agencies may require that the town comply with certain state or federal procurement laws or regulations as a condition for any such contract, grant or agreement, the requirements of any such applicable state or federal provisions shall be met.
(Prior code § 18-1-1; Ord. 14-06 § 2, 2014)
The words in this article shall have the following meanings unless the context in which they are used clearly requires a different meaning, or a different definition is prescribed for a particular section or portion thereof:
"Architect-engineer services"
means those professional services within the scope of practice of architecture, professional engineering or registered land surveying as defined by the laws of Arizona.
"Business"
means any corporation, partnership, individual, sole proprietorship, joint stock company, joint venture or any legal entity through which business is conducted.
"Confidential information"
means any information which is available to an employee only because of his status as an employee of the town and is not a matter of public knowledge or available to the public on request.
"Conspicuously"
means written in such special or distinctive format, print or manner that a reasonable person against whom it is to operate ought to have noticed it.
"Construction"
means the building, erection, alteration, demolition or repair of public buildings, structures and highways and other improvements or additions to real property. It does not include routine maintenance, operation or repair of existing facilities.
"Contract"
means all types of agreements and orders for the procurement or disposal of supplies, services, construction insurance or any other item. It includes awards and notices of award; contracts of a fixed price, costs, costs-plus-fixed-fee or incentive types; contracts providing for the issuance of job orders, task orders or task letters thereunder; letter contracts, purchase orders and leases. It also includes supplemental agreements with respect to any of the foregoing.
"Contract modification"
means any written alteration in the specification, delivery point, rate of delivery, contract period, price, quantity or other contract provisions of any existing contract, whether accomplished by unilateral action in accordance with a contract provision or by mutual action of the parties to the contract. It includes bi-lateral actions such as supplemental agreements, and unilateral actions such as change orders, orders for provisions items, administrative changes, notices of termination and notices of the exercise of a contract option.
"Contractor"
means any person having a contract with the town.
"Cooperative procurement"
means purchasing conducted by or on behalf of more than one public purchasing unit.
"Data"
means recorded information, regardless of form or characteristic.
"Debarment"
means the disqualification of a person to receive invitations for bids or requests for proposals, or the award of a contract by the town, or any department thereof, for a specified period of time.
"Department"
means any agency or governmental body which is authorized or created by the town or any division thereof.
"Department head"
means the director or chief administrative officer of the department, agency or governmental body.
"Designee"
means a duly authorized representative. The term may include one or more persons.
"Employee"
means any person drawing a salary from the town, whether elected or not, and any nonsalaried person performing services for the town, exclusive of contractor's personnel.
"Established catalogue price"
means a price included in the most current catalogue, price list, schedule or other form that is regularly maintained by the manufacturer or vendor of an item; is either published or otherwise available for inspection by customers and states prices at which sales are currently or were last made to a significant number of buyers constituting the general buying public for that item.
"Exhibit"
means a document attached to a procurement instrument, referenced by its capital letter identified in a line or sub-line item in the procurement instrument schedule, which establishes deliverable requirements in the attached document as an alternative to establishing an extensive list of line or sub­line items in the procurement instrument schedule.
"Financial interest"
means:
1. 
Ownership of any interest or involvement in any relationship from or as a result of which the owner has, within the past three years, received or is presently or in the future entitled to receive more than $100.00 per year; or
2. 
Ownership of more than a three percent interest in any business; or
3. 
Holding a position in a business such as an officer, director, trustee, partner, employee or the like or holding any position of management.
4. 
This definition is not in any way intended to modify the provisions of ARS Section 38-502.
"Foreign purchasing activity unit"
means any buying organization not located in the state of Arizona which, if located in Arizona, would qualify as a public purchasing unit. An agency of the United States government is a foreign purchasing activity unit.
"Government body"
means any department, commission, council, board, bureau, committee, institution, legislative body, agency, government corporation or other establishment of the executive or judicial branch of the town, state of Arizona or the United States of America.
"Gratuity"
means a payment, loan, subscription, advance, deposit of money, services, offer of employment or anything of more than nominal value, present or promised, unless consideration of substantially equal or greater value is received.
"Immediate family"
means a spouse, children, grandchildren, parents, brothers and sisters.
"Includes"
means includes, but is not limited to.
"Invitation for bids"
means all documents, whether attached or incorporated by reference, utilized for soliciting bids in accordance with the procedures set forth in this code.
"Local public purchasing unit"
means procuring activities of any county, city, town, governmental entity and other subdivision of the state and public agency thereof, public authority, any other entity which expends public funds for the acquisition or leasing of supplies, services and construction, and any nonprofit corporation operating a charitable hospital.
"Negotiate or negotiation,"
when applied to the making of purchases and contracts, means making purchases and contracts without competitive sealed bidding.
"Procurement or purchasing"
includes buying, renting, leasing or otherwise obtaining supplies, materials or services, construction insurance or any other item. It also includes all functions that pertain to the obtaining of such supplies, services, including description (but not determination) of requirements, election and solicitation of sources, preparation and award of contract, and all phases of contract administration, acquisition warehousing and disposal.
"Professional services"
means work to be performed by persons in possession of a valid license for proficiency in a particular field of endeavor.
"Public purchasing unit"
means local public purchasing units, state public purchasing units or foreign purchasing activity.
"Purchase request"
means that document whereby a requiring agency requests that a contract be obtained for a specified need and may include, but is not limited to, the technical description of the requested item, delivery schedule, transportation, criteria for evaluation of solicitees, suggested sources of supply, and information supplied for the making of any determination and funding required pursuant to this article.
"Request for proposals"
means all documents, whether attached or incorporated by reference, utilized for soliciting proposals in accordance with the procedures set forth in this code.
"Responsible bidder or offeror"
means one who has the capability in all respects to perform fully the contract requirements, and the integrity and reliability which will assure good faith performance.
"Responsive bidder"
means one who has submitted a bid which conforms in all material respects to the invitation for bids, so that all bidders may stand on an equal footing with respect to method and timeliness of submission and as to the substance of any resulting contract.
"State public procurement unit"
means procuring activities of Arizona.
"Subcontractor"
means any business which holds an agreement or purchase order to perform any part of the work or to make or furnish any article or service required for the performance of a town­funded prime contract or subcontract thereunder.
"Supplemental agreement"
means any contract modification which is accomplished by the mutual action of the parties.
"Supplies"
means all property, except land or interest in land.
"Suspension"
means the disqualification of any person to receive invitations for bid or requests for proposals, or to be awarded a contract by the town or any governmental body thereof, for a temporary period pending the completion of an investigation, and any legal proceedings that may ensue.
"Using agency (UA)"
means any governmental body or activity of the town which consumes supplies or uses services.
(Prior code § 18-1-2; Ord. 14-06 § 2, 2014)
A. 
The town clerk shall have full power and authority to serve as the town's chief administrative officer for the purchase of any and all supplies, services, construction, insurance and other items required by the town, subject to the requirements of this code.
B. 
Specific Areas of Responsibility. The town clerk or duly authorized designee shall have the following specific areas of responsibility:
1. 
Provide policy guidance to and exercise overall supervision of the other town employees exercising purchasing or property management authority pursuant to this article;
2. 
Conduct periodic reviews of the manner in which the provisions of this article are being complied with;
3. 
Make recommendations to the council for changes in this article as it deems necessary or desirable to improve the procurement of supplies and services;
4. 
Establish rules and regulations and standard forms and procedures, consistent with the provisions of this article;
5. 
To serve as the purchasing and contracting authority of the town;
6. 
To contract for, purchase, lease-purchase, lease or otherwise acquire all supplies, construction, services, printing and insurance for the town;
7. 
To sell, trade or otherwise dispose of surplus town supplies, as provided under Arizona Revised Statutes;
8. 
To accept grants and subsidies from any federal or other governmental body, and to enter into agreements and property transactions or projects with any federal or other governmental body;
9. 
To accept gifts, donations, legacies or usages of money from individuals, organizations and public or private corporations, as shall be deemed to be in the public interest;
10. 
To exercise general supervision and control over all inventories of supplies belonging to the town; and
11. 
To establish and maintain a program for the development and usage of standard specifications and for the inspection and testing of supplies and the inspection of construction and services.
(Prior code § 18-1-3; Ord. 14-06 § 2, 2014)
All town procurement subject to this code shall be conducted by one of the means specified in this code. All contracts for purchases exceeding the sum of $5,000 shall be submitted to the mayor and council for approval prior to signing the contract. Prior approval for the initiation of the bidding and procurement process shall not be required for purchases that are within the scope of a previously approved budget and for which the town clerk has determined that funds are available.
A. 
Formal sealed bids shall be required for the purchase of materials, supplies, equipment and other property with an estimated cost of $10,000 or more. This process shall also be used for the purchase of those professional services with a cost that will equal or exceed this amount and for which there is no other authorized or required procedure.
B. 
Informal quotations may be used for the purchase of those materials, supplies, equipment and other property with an estimated cost of less than $10,000 or for the purchase of professional services with an estimated cost of less than this maximum amount.
C. 
Direct solicitation may be used for the purchase of materials, supplies, equipment and other property with an estimated cost of less than $5,000.
D. 
Other procurement procedures, as described in this code and as may be required by applicable state law, may be used for the procurement of certain professional services, for authorized sole source purchases, for emergency purchases, or for construction services.
E. 
Cooperative purchasing agreements, in conjunction with other public agencies, may be used as a means of fulfilling these procurement requirements; provided, that the participating agencies have conducted the solicitations for the subject property or services in a manner that fosters competition and results in the best available price for the town.
F. 
The intent of each of these methods of procurement is to obtain a proposal that is the most advantageous to the town under the circumstances, with regard to price, conformity to the specifications and other relevant factors.
(Prior code § 18-1-4; Ord. 14-06 § 2, 2014)
For those purchases for which formal sealed bids are to be used, procurement shall be as follows:
A. 
An advertisement for bids shall be published in the newspaper at least once prior to the date of the bid opening. This advertisement shall specifically describe the goods or services to be purchased and the date upon which bids are due. The publication date shall be not less than five days prior to the date of the bid opening. For construction contracts, two publications are required. (See ARS Section 34-201.)
B. 
A notice of the bid shall be posted on the town's website, together with all of the specifications and requirements for this contract. This posting shall occur not less than 14 days prior to the date of the bid opening. Longer periods may be appropriate, depending upon the circumstances of the purchase.
C. 
Copies of the bid notice, the specifications and requirements shall be transmitted by the department head or designee responsible for the procurement to any potentially eligible companies, firms or individuals who may have expressed interest in the proposed purchase or other similar purchases. Copies may also be transmitted directly to other parties that the department head or designee can identify who may be eligible and interested in this contract.
D. 
The procedures for the opening and evaluation of any sealed bids and the award of any contract shall be as specified in the standard procedures and forms developed for this process.
(Prior code § 18-1-5; Ord. 14-06 § 2, 2014)
For those purchases for which the informal quotation process is to be used, procurement shall be as follows:
A. 
A notice of the solicitation shall be posted on the town's website, together with all of the specifications and requirements for this contract. This posting shall occur not less than 14 days prior to the date the quotations are due. Longer periods may be appropriate, depending upon the circumstances of the purchase.
B. 
Copies of the solicitation, the specifications and requirements shall be transmitted by the department head or designee responsible for the procurement to any potentially eligible companies, firms or individuals who may have expressed interest in the proposed purchase or other similar purchases. Copies may also be transmitted directly to other parties that the department head or designee can identify who may be eligible and interested in this contract. This notice shall be transmitted, if possible, to not less than three potentially eligible contractors.
C. 
The contract may be awarded to the potential contractor whose quotation is most advantageous to the town. The department head responsible for this procurement may discuss the quotation and the requirements of the contract, together with any adjustments that may be appropriate, with any party prior to the final approval of the award, provided that information derived from proposals submitted by other offerors is not disclosed.
D. 
The procedures for the opening and evaluation of any proposals and the award of any contract shall be as specified in the standard procedures and forms developed for this process.
(Prior code § 18-1-6; Ord. 14-06 § 2, 2014)
For those purchases for which direct selection is to be used, procurement shall be as follows:
A. 
Price comparisons for goods and services may be made by a review of the available prices and specifications that are available through catalogues, Internet listings, verbal communications, personal inspection or other information. The employee responsible for this procurement shall maintain a written summary of the sources that were checked for any purchase of more than $1,000, sufficient to demonstrate that the purchase is in the best interests of the town and is consistent with the purpose of these policies.
B. 
This type of procurement will generally only be appropriate for goods and services that are readily available in standard commercial transactions and for which no particular specifications are necessary.
C. 
This type of purchase may also be used for the purchase of tools, materials and replacement parts from those suppliers that are available in this immediate area, when the additional costs associated with the time and travel required for the use of alternative sources may outweigh the value of any savings in price in those particular circumstances.
(Prior code § 18-1-7; Ord. 14-06 § 2, 2014)
A. 
Professional services from a technical registrant, including but not limited to an architect, engineer, geologist or surveyor, shall be procured in a manner that is consistent with applicable state law. Such services may be procured in any manner allowed by such laws. (See ARS Section 34-103.)
B. 
Construction work shall be procured in a manner that is consistent with applicable state law. Such work may be procured in any manner allowed by such laws. (See ARS Section 34-201.) Any such work may be obtained through the design-bid-build, construction-manager-at-risk, design-build, job-order-contracting or any other such procedures that are authorized by applicable state law. (See ARS Section 34-603.)
C. 
A contract may be awarded for materials, equipment or services without competition if the clerk determines in writing that there is only one source for the required materials, equipment or services. The town clerk shall require the submission of cost or pricing data in connection with any such contract. Sole source procurement shall be avoided except when no reasonable alternative source exists. A written determination of the basis for the sole source procurement shall be included in the contract file.
D. 
Emergency procurement may be authorized by the town clerk in appropriate circumstance. See Section 3.05.180.
E. 
Contracts for legal services, medical and dental services, appraisal services and other similar services from licensed or certified professionals may be solicited on the basis of a request for a statement of qualifications and an expression of interest. If prices for such work are included in the proposals, any such contract shall be awarded on the basis of the best interests of the town and not solely on the basis of price.
(Prior code § 18-1-8; Ord. 14-06 § 2, 2014)
A. 
Cooperative purchasing, by which the procurement is conducted on behalf of more than one public entity, is an acceptable method of complying with these requirements and in many cases will result in an offer that is more advantageous to the town than what would be otherwise available only to this town.
B. 
The town may enter into, conduct, administer and otherwise fully participate in any cooperative purchasing agreement that has been approved by the mayor and council, in accordance with the terms and conditions of any such agreement. Proposals that are obtained for goods and services through any such agreement shall be deemed to be consistent with the requirements of this code and no further public notice or solicitation shall be required by these provisions.
(Prior code § 18-1-9; Ord. 14-06 § 2, 2014)
A. 
Determination of Responsibility. The responsibility of a bidder or offeror shall be determined as provided herein.
B. 
Investigation Authorized. A reasonable investigation to determine the responsibility of a bidder or offeror may be conducted. The unreasonable failure of a bidder or offeror to promptly supply information in connection with such an investigation may be grounds for a determination of nonresponsibility with respect to such bidder or offeror.
(Prior code § 18-1-11; Ord. 14-06 § 2, 2014)
The town clerk may employ a method whereby suppliers seeking to provide particular types of supplies, services or construction may prequalify as responsible prospective contractors for such supplies, services or construction. Solicitation mailing lists of potential suppliers of such supplies, services or construction shall include, but shall not be limited to, such prequalified suppliers. Prequalification shall not foreclose a determination between the time of the bid opening or receipt of offers and the making of an award, that a prequalified supplier is not responsible or that a supplier who is not prequalified at the time of bid opening or receipt of offers is responsible.
(Prior code § 18-1-12; Ord. 14-06 § 2, 2014)
A. 
Specified Period. Unless otherwise provided in the budget, a contract for supplies or services may be entered into for periods of more than one year, if funds for the first fiscal year of the contemplated contract are available at the time of contracting. Payment and performance obligations for succeeding fiscal years shall be subject to the availability of funds.
B. 
Determination Prior to Use. Prior to the utilization of a multi-year contract, it shall be determined:
1. 
That estimated requirements cover the period of the contract and are reasonably firm and continuing; and
2. 
That such a contract will serve the best interests of the town by encouraging effective competition or otherwise promoting economies in town procurement.
C. 
Cancellation Due to Unavailability of Funds in Succeeding Years. When funds are not made available to support continuation of performance in a subsequent year of a multi-year contract, the contract for such subsequent year shall be canceled and the contractor shall be reimbursed for the reasonable value of any nonreoccurring costs incurred but not amortized in the price of the supplies and services delivered under the contract. The cost of cancellation may be paid from:
1. 
Appropriations currently available for performance of the contract;
2. 
Appropriations currently available for procurement of similar property or services and not otherwise obligated; and
3. 
Appropriations made specifically for the payment of such cancellation costs.
(Prior code § 18-1-13; Ord. 14-06 § 2, 2014)
A. 
Right to Inspect. The town may inspect the plant or business of a contractor or any subcontractor under any contract awarded or to be awarded by the town.
B. 
Right to Audit. The town shall be entitled to audit the books and records of a contractor or any subcontractor under any negotiated contract or subcontract other than a firm-fixed-price type contract. Such books and records shall be maintained by the contractor for a period of three years from the date of final payment under the prime contract and by the subcontractor for a period of three years from the date of final payment under the subcontract.
(Prior code § 18-1-14; Ord. 14-06 § 2, 2014)
A. 
Written Determinations Required. Each determination or decision shall be based upon written findings of the officer making the determination or decision and shall be retained in the official contract file.
B. 
Finality of Determinations. Any such determinations are final and conclusive, unless they are clearly erroneous, arbitrary, capricious or contrary to law.
(Prior code § 18-1-15; Ord. 14-06 § 2, 2014)
A. 
Notification to the Town Attorney. When for any reason collusion is suspected among any bidders or offerors, a written notice of such suspicion shall be transmitted to the town attorney.
B. 
Retention of All Documents. All documents involved in any procurement in which collusion is suspected shall be retained until the town attorney gives notice that they may be destroyed. All retained documents shall be made available to the town attorney or designee upon request.
(Prior code § 18-1-16; Ord. 14-06 § 2, 2014)
A. 
Contracts, grants and agreements of any kind that have been approved by the mayor and council shall be enforced.
B. 
If any section, subsection or paragraph of this article is in violation of applicable state or federal law, the provisions of this article shall be applied in a manner that is consistent with all applicable law.
(Prior code § 18-1-17; Ord. 14-06 § 2, 2014)
A. 
Notwithstanding any provisions herein, the town manager, town clerk or designee may purchase materials or services in the event of an emergency which poses an imminent danger to the health, safety and welfare of the employees or residents of the town for the purpose of ameliorating or dealing with said emergency. In addition, the town manager, town clerk or designee may procure services they deem to be immediately needed to make repairs to town facilities and equipment, of up to $20,000, without prior approval of the town council.
B. 
Bids and contracts for services described in subsection A of this section shall be bid telephonically with response time and agreement to price to be established by the town manager, town clerk or designee.
C. 
In the event that telephonic bids received are not sufficient, due to price, delivery time, and/or capability of bidder to deliver said services, the town manager, town clerk or designee may competitively negotiate with other potential contractors for the services. Every effort will be made to consider local suppliers and contractors for procurements which are outside the normal bid process.
(Prior code § 18-1-18; Ord. 14-06 § 2, 2014; Ord. 23-05 § 1, 2023)
Any person who knowingly violates or solicits the violation of any of the provisions of this article wherein such action or inaction is deemed unlawful shall be deemed guilty of a misdemeanor and shall, on conviction thereof, be punished by a fine of not less than $500.00.
(Prior code § 18-1-19; Ord. 14-06 § 2, 2014)
A. 
Filing of Protest.
1. 
Any interested party may protest a solicitation issued by the town, or the proposed award or the award of a town contract.
2. 
Content of Protest. The protest shall be in writing and shall include the following information:
a. 
The name, address and telephone number of the protester;
b. 
The signature of the protester or the protester's representative;
c. 
Identification of the solicitation or contract;
d. 
A detailed statement of the legal and factual grounds of the protest including copies of relevant documents; and
e. 
The form of relief requested.
3. 
The protester shall promptly supply any other information requested by the town.
B. 
Time for Filing Protests.
1. 
Protests Concerning Improprieties in a Solicitation.
a. 
Protests based upon alleged improprieties in a solicitation that are apparent before bid opening shall be filed before the closing date or bid opening.
b. 
Protests based on other alleged improprieties that occur during the solicitation process shall be filed as soon as possible and prior to the closing or bid opening date.
2. 
Protests Concerning Contract Award. Protests concerning alleged improprieties in the award of a contract shall be filed within five working days of contract award.
3. 
In cases other than those covered in subsections (B)(1) and (2) of this section, protests shall be filed within five working days after the protester knows or should have known the basis of the protest, whichever is earlier, but in no event shall a protest be filed more than 10 days after the award of a contract.
4. 
Protests shall be filed with the town clerk.
5. 
The town clerk shall immediately give notice of the protest to the successful contractor if award has been made or, if no award has been made, to all persons submitting bids/proposals.
6. 
Protests that are not filed within the time period required shall be deemed to be waived and no further action shall be taken on any such protest.
C. 
Stay of Procurement During the Protest. If a protest is filed before the award of a contract, the award may be made unless the town clerk determines that the award of the contract is contrary to the best interests of the town.
D. 
Decision by Town Clerk.
1. 
The town clerk shall issue a written decision within three working days after a protest has been filed. The decision shall include a statement of the decision with supporting rationale and a notice of the right to appeal set forth in subsection E of this section.
2. 
The town clerk shall furnish a copy of the decision to the protester by any method that provides evidence of receipt.
3. 
The time limit for decision set forth in subsection (D)(1) of this section may be extended for good cause for a reasonable time not to exceed 30 days. The town clerk shall notify the protester in writing that the time for the issuance of a decision has been extended and the date by which a decision will be issued.
4. 
If the town clerk fails to issue a decision within the time limits set forth in subsection (D)(1) or (3) of this section, the protester may proceed as if the town clerk had issued an adverse decision.
5. 
If the town clerk sustains the protest in whole or in part and determines that a solicitation, proposed contract award or contract award does not comply with applicable law and regulations, the town shall implement an appropriate remedy.
6. 
In determining an appropriate remedy, the town clerk shall consider all the circumstances surrounding the procurement including, but not limited to, the seriousness of the procurement deficiency, the degree of prejudice system, the good faith of the parties, the extent of performance, costs to the town, the urgency of the procurement and the impact of the relief on the functioning of the town.
E. 
Appeal of Town Clerk's Decision.
1. 
An appeal from a decision entered or deemed to be entered by the town clerk shall be filed with the town clerk within five working days from the receipt of the town clerk's decision.
2. 
Content and Appeal. The appeal shall contain:
a. 
The information set forth in subsection (A)(2) of this section; and
b. 
The precise factual or legal error in the decision of the town clerk from which the appeal is taken.
3. 
The town council shall hear and consider the appeal within two regular meetings. The protester and the town clerk shall be given a reasonable opportunity to be heard in the matter.
4. 
If the town council sustains the protest in whole or in part and determines that a solicitation, proposed contract award or contract award does not comply with applicable law and regulations, the town shall implement an appropriate remedy pursuant to subsection (D)(6) of this section.
5. 
The decision of the town council is final.
(Prior code § 18-1-20; Ord. 14-06 § 2, 2014)
This article shall govern the investment of all funds of the town which are not immediately necessary for the payment of the town's expenses. The primary objectives of any investment of town funds, in order of priority, shall be to preserve the principal amount of any such funds and to maintain the safety of all such capital; to provide for availability to such funds by maintaining the liquidity necessary to meet all operating requirements; and to produce a reasonable rate of return, subject to these requirements for safety and liquidity. Approval shall first be obtained from the legal aid or council.
(Prior code § 18-2-1; Ord. 14-07 § 1, 2014)
A. 
The funds of the town may be invested in one or more of the following:
1. 
Certificates of deposit in eligible depositories or in federally insured banks or savings and loan associations, in accordance with applicable law.
2. 
Interest-bearing savings accounts in banks and savings and loan institutions doing business in this state whose accounts are insured by federal deposit insurance, but only if deposits in excess of the insured amount are secured in the manner required by state law.
3. 
Repurchase agreements that are fully secured in the manner required by state law.
4. 
The pooled investment funds established by the State Treasurer pursuant to law.
5. 
Obligations issued or guaranteed by the United States or any of the senior debt of its agencies, sponsored agencies, corporations, sponsored corporations or instrumentalities.
6. 
Bonds or other evidence of indebtedness of this state or any of its counties, incorporated cities or towns or school districts.
B. 
The investment of all funds of the town shall be made in the manner required by state law, with such security and safekeeping arrangements as may be required by such law. (See ARS Section 35-323 and Article 2.1 of Title 35.)
(Prior code § 18-2-2; Ord. 14-07 § 1, 2014)
The town clerk shall have the authority to invest the funds of this town, in the manner stated in this article. Bids and proposals for certificates of deposit and other marketable securities may be accepted by the town clerk either orally, in writing, electronically, or in any combination of these methods. The town clerk shall obtain sufficient comparable prices and quotes as necessary to obtain a reasonable return on any such investment, consistent with the requirements of this article.
(Prior code § 18-2-3; Ord. 14-07 § 1, 2014)
The town clerk, and any other person exercising any delegated authority over the investment of town funds, shall refrain from any personal business activity that could conflict with the proper execution and management of the investment of town funds. Such officials and employees shall not undertake any personal investment transactions with the same individuals with whom business is being conducted on behalf of the town. This prohibition shall be in addition to the more general prohibitions against any conflicts of interest under applicable state law (see ARS Section 38-501 et seq.) or the town code.
(Prior code § 18-2-4; Ord. 14-07 § 1, 2014)
The town clerk shall maintain a comprehensive record of the investment of all town funds. The town clerk shall provide to the mayor and council, on at least an annual basis, a management summary that indicates the status of the investment portfolio and the return received from such investments.
(Prior code § 18-2-5; Ord. 14-07 § 1, 2014)