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service. <br /> <br />4.8.6 <br /> <br />Commercial paper issued by United States corporations or their <br />Canadian subsidiaries that are rated in the highest quality category <br />by at least two nationally recognized rating agencies. <br /> <br />4.8.7 Time deposits that are fully insured by the Federal Deposit <br /> Insurance Corporation. <br /> <br />4.8.8 Bankers acceptances of United States banks. <br /> <br />5. Purchasing <br /> <br />5.1 <br /> <br />The following procedures are to be followed for all normal purchasing <br />whether or not competitive bids are necessary. <br /> <br />5:1.1 <br /> <br />Purchase orders are not needed for items costing less than $750. <br />Department head authorization is required prior to making the <br />purchase. Each department head is responsible for implementing <br />purchasing procedures for the department for purchases of items <br />costing less than $750 to ensure that employees do not make <br />purchases in excess of the budgeted amount. <br /> <br />5.1.2 <br /> <br />Purchase orders shall be issued for all purchase of $750 or more <br />with the exception of: (1) consulting services, (2) contractual <br />agreements, (3) fixed ongoing amount previously approved by the <br />City Council, and (4) items purchased under a price agreement for <br />which an open purchase order already exists. A purchase order <br />shall not remain open for longer than one year. <br /> <br />5.1.2.1 <br /> <br />The purchase order shall be completed and signed prior to <br />purchasing the requested item. The purchase order shall <br />include: (1) a description of the item(s) to be purchased, (2) <br />quantity, (3) cost (including tax and shipping, and (4) <br />budget code to be charged. The purchase order shall be <br />signed by the Department Head and the Finance Director or <br />the City Administrator. <br /> <br />5.1.2.2 A copy of the purchase order shall be given to the Finance <br /> Department prior to the purchase. <br /> <br />5.1.2.3 <br /> <br />The Department Head is responsible for ensuring that <br />adequate funds are available in the budget for the item(s) <br />requested as outlined in Minnesota Statutes, Section <br />412.721. <br /> <br />5.1.3 <br /> <br />Purchasing policies are designed to facilitate the effective delivery <br />of municipal services while maintaining adequate financial <br />controls. <br /> <br /> <br />