Whenever a city has accumulated a surplus of any fund in excess of its current needs of has accumulated a sinking fund for the payment of its bonds and the money in such sinking fund exceeds the amount necessary to pay the principal and interest of any bonds which become due during the current year, the City Council of the city may invest any surplus in certificates of deposit, in time deposits and in any securities in which the state investment officer is authorized by law and as provided in the authorized investment guidelines of the State Investment Council in effect on the date the investment is made.
(Prior Code, § 1-818) (Ord. 11-89, passed 1-2-1990)
Statutory reference:
Related provisions, see Neb. RS 17-608, 17-609, 77-2341