Such notice shall provide an estimate of the maximum amount of such active deposits at any time during the period of designation and the proposed period of designation or alternative proposed periods of designation. It shall also request such depositories to apply in writing for all or part of the City's active deposits on or before a date and time specified in the notice. The notice to such eligible depositories shall request them to state in their applications the amount of active deposits which will be accepted by them, the rate of interest, if any, which will be paid on such active deposits, the service charges, if any, which will be made for their services, other terms or conditions with respect to the acceptance of all or part of the City's active deposits, and the location of their offices in the City, or if none are located in the City, the location of their nearest offices.

The notice shall include or request any other information to or from such depositories which the Finance Director deems relevant. The request for written applications or their receipt does not constitute a bidding procedure. Rather, such request and application are intended to provide relevant information to the City Manager for his or her designation pursuant to this section and to provide notice to eligible depositories that the City will receive applications and proposals for its active deposits.

The City Manager shall enter into a contract, approved as to form by the City Attorney, with such depositories for the appropriate period determined pursuant to this section. Such contract shall establish the rate of interest, if any, to be paid by the depository on the City's active deposits, the service charges, if any, the depository may make for its services, and other terms or conditions of the depository's acceptance of the City's active deposits.

The limitations of the aggregate amounts of public money that may be on deposit with eligible depositories as set forth in the Uniform Depository Act shall apply under this chapter.