(a) Premiums and discounts on Treasury investments shall be credited or charged to the interest account and amortized over the period from purchase to the date of maturity of the security. Gains and losses in the sale of Treasury-invested securities shall be credited or charged to the interest account.
(b) Net interest realized by the Treasury interests account shall be distributed quarterly as follows:
(1) The interest on bond funds and the special assessment fund, except waterworks, sewage disposal and revenue bond funds, shall be paid to the bond retirement fund.
(2) The interest on waterworks funds, sewage funds, street construction, maintenance and repair funds, and any other fund the interest on which in the terms of any trust, will or agreement must be credited to such fund, shall be paid to each of such respective funds.
(3) The balance of the interest earned on securities held by the Treasury Investment Account shall be paid to the General Fund.
(c) For the purpose of distributing interest, each fund shall be considered as having, during the period for which distribution is to be made, an average daily balance in the Treasury Investment Account equal to the average of the balances each fund had in such Account on the first day of each month during the period for which distribution is to be made.
(Ord. 495-70. Passed 6-24-70.)