(A) The Clerk-Treasurer is hereby authorized to invest and reinvest funds that are not required for the immediate operating expenses of the city and its various departments in certificates of deposit, pass book savings accounts, or United States Government Bonds, at the financial institution offering the best rate of interest which is to the best advantage of the city.
(B) Funds that are determined to not be required for a period of 90 days or more are to be considered as not required for immediate operating needs and are to be invested. The interest earned on the investments is to be credited to the fund from which the investment is purchased as specified by the State Board of Accounts, except those not specified on total monies, which may be credited to the General Fund.
(C) This section shall be in effect for the calendar year of 2023.
(Res. 00-323, passed 12-18-00; Am. Res. 02-354, passed 12-16-02; Am. Res. 04-384, passed 12-20-04; Am. Res. 05-393, passed 12-19-05; Am. Res. 12-499, passed 10-1-12; Am. Res. 12-505, passed 12-17-12; Am. Res. 20-604, passed 12-7-20; Am. Res. 22-640, passed 12-5-22)