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(A) The Council does hereby authorize and approve the investment of public funds by the Clerk- Treasurer of the town, in his or her capacity as fiscal officer of the town, in investments commonly known as passbook savings account, certificates of deposit, money market accounts, time deposits, and other investments allowed under the state statutes.
(B) Investments made pursuant to this section shall be made through depositories designated by the Indiana Board of Finance as depositories for state deposits.
(C) Monies from the utility accounts and other specific accounts designated by the Town Council shall be invested as specific funds, and any earnings from each of the funds shall be credited to only that fund. All other investments may be made from the total monies on deposit without regard to the particular fund to which they have been appropriated or credited, and all of the earnings shall be credited to the town’s General Fund.
(D) Town monies shall only be deposited in financial institutions which have been designated by the State Board of Finance as a depository eligible to receive state funds and the depository has a principal office or branch within the town or within the county. The Town Council, consistent with I.C. 5-13-6-1(c) and I.C. 5-13-6-1(d), shall annually select the depository for monies of the town. For the purpose of this section, any depositories meeting the requirements of this section are selected as depositories for the monies of the town.
(E) This section became effective on September 5, 2002.
(Ord. 2002-06, passed 8-14-2002)