The Finance Director, under the direction of the City Manager, shall deposit City monies in a single servicing bank which has entered into a contract for all City demand deposit accounts. The contract for such single servicing shall be awarded by the City on the basis of the cost and effective quality of the service proposed to be rendered, by such bank to the City. Any bank awarded such a contract shall have a principal place of business located within the City. The City may retain the right to locate deposits with other banking institutions on an emergency basis or for the convenience of the City. (Ord. No. G-1483, § 1; Ord. No. G-1566, § 2; Ord. No. G-2573, § 1; Ord. No. G-2654, § 1; Ord. No. G-2976, § 2)