(A) The city shall diversify its investments to the best of its ability based on the types of funds invested and the cash flow needs of those funds.
(B) In order to reduce the risk of default, the investment portfolio of the city shall not exceed the following diversification limits unless specifically authorized by the City Council:
(1) Monies deposited at a financial institution shall not exceed 75% of the capital stock and surplus of that institution;
(2) Commercial paper shall not exceed 33% of the city’s investment portfolio;
(3) Deposits in the Illinois Public Treasurer’s Investment Pool shall not exceed 66% of the city’s investment portfolio; or
(4) Brokered certificates of deposit shall not exceed 25% of the city’s investment portfolio.
(Prior Code, § 38.12) (Ord. 99-286, passed 12-14-1999)