(A) All interest derived from an investment made under the authority granted by § 33.19(F) above shall be deposited, except as otherwise provided by law, in the General Fund of the town or in any other fund the Town Council designates specifically or by written ordinance, policy or instruction of the Clerk-Treasurer, subject to the modifications and limitations in this section.
(B) Interest from the following investments shall be receipted as follows:
(1) Interest from investments of funds of the town that are traceable to United States government funds must be receipted to the fund of which they are a part, if required by federal law or regulation; and
(2) Interest from investments of funds controlled by court orders must be receipted to that fund unless otherwise designated by the court order.
(C) The Clerk-Treasurer may apply the interest derived from the investment of the proceeds from bonded indebtedness or local tax levies to the appropriate redemption bond interest or sinking fund for the bonded indebtedness, subject to the terms of the relevant bond ordinance or resolution.
(D) If meter deposits of a town-owned utility are invested, the interest earned on the investment may be applied to and used in the Operation or Depreciation Fund of the town utility as determined by the Town Council or by written policy or instruction of the Clerk-Treasurer.
(E) Interest from the investment of the public funds of the town may not be paid personally or for the benefit of any public officer.
(Ord. 2009-4, passed 4-14-2009)