(A) (1) The funds and monies of the city may be invested and deposited in the institutions and in the manner set forth herein:
(a) Bonds, notes, certificates of indebtedness, treasury bills or other securities now or hereafter issued, which are guaranteed by the United States of America as to principal and interest;
(b) Interest-bearing savings amounts, interest-bearing certificates of deposit or interest-bearing time deposits constituting direct obligations of any bank as deemed by the Illinois Banking Act, 205 ILCS 5/1 et seq., provided said banks are insured by the Federal Deposit Insurance Corporation;
(c) Short term obligations of corporations organized in the United States with assets exceeding $500,000,000 if:
1. Such obligations are rated at the time of purchase within the three highest classifications established by at least two standards rating services and which mature not later than 180 days from the date of purchase;
2. No more than 25% of any fund is invested in such obligations at any time; and
3. Such purchases do not exceed 10% of the corporation’s outstanding obligations.
(d) Short-term discount obligations of the Federal National Mortgage Association;
(e) Shares or other forms of securities legally issuable by savings and loan association incorporated under the laws of the state or under the laws of the United States, provided the savings and loan association shares, investment certificates or other forms of securities legally issuable by savings and loan associations are insured by the Federal Savings and Loan Insurance Corporation;
(f) The Public Treasurer’s Investment Pool created under 15 ILCS 505/17 et. seq.; and
(g) In any other manner and institution permitted and designated by 30 ILCS 235/0.01 et seq.
(2) The City Treasurer shall be required to keep all monies in the Treasurer’s hands belonging to the city in the above designated depositories; provided, that the City Treasurer may divide and allocate the monies in the Treasurer’s hands belonging to the city, between and among the above designated depositories from time to time and in such proportions as the Treasurer may see fit, provided, further that the amount of such deposits in any bank or savings and loan association designated as a depository shall at no time exceed 75% of the capital stock and surplus of the respective depository in which such deposit is kept.
(B) The City Treasurer shall be discharged from responsibility for all funds and monies which the Treasurer deposits in any one or all of the foregoing designated depositories, provided such deposits are made in the manner set forth herein and in accordance with the provisions of 30 ILCS 235/0.01 et seq.
(C) Permission is granted to the City Treasurer and to the sureties on the Treasurer’s official bond to amend such bond by the insertion of a provision to the effect that the obligation of the sureties thereon shall not extend to any loss sustained by the insolvency, failure or closing of any bank organized and operating either under the laws of the state or the United States wherein the City Treasurer has placed funds in the Treasurer’s custody or control, or any part thereof if any such bank has been approved by the City Council as the depository for such funds.
(D) Each of the depositories above designated and approved herein shall furnish the City Council, from time to time hereafter, with copies of sworn statements of resources and liabilities which they are required to furnish to the Comptroller of Currency, the Commissioner of Banks and Trust Companies or any agency of the United States government or the state having control or oversight over their business and affairs.
(Prior Code, § 35.06) (Ord. 2741, passed 12-10-1985)