The funds of the City available for investment shall be invested in accordance with this policy and all applicable state statutes only in the following types of investments instruments:
(A) Authorized investment instruments.
(1) Obligations of the United States and of its agencies and instrumentalities, including obligations subject to repurchase agreements, provided that delivery of these obligations subject to repurchase is taken either directly or through an authorized custodian.
(2) Obligations and contracts for future delivery or purchase of obligations backed by the full faith and credit of the United States or a United States government agency, including but not limited to United States Treasury Bills/Notes.
(3) Certificates of deposit issued by or other interest-bearing accounts of any bank or savings and loan institution which are insured by the Federal Deposit Insurance Corporation or similar entity or which are collateralized, to the extent uninsured by any obligations permitted by Section 41.240(4) of the Kentucky Revised Statutes.
(4) Shares of mutual funds each of which shall have the following characteristics:
(a) The mutual fund shall be an open-end diversified investment company registered under the Federal Investment Company Act of 1940, as amended.
(b) The management company of the investment company shall have been in operation for at least five (5) years.
(c) All of the securities in the mutual fund shall be eligible investments under this section.
(Ord. 94-12-2, passed 12-28-94)