2-32-470 Daily deposit of city funds.

   No money shall be deposited in any bank or savings and loan association until it has been designated by the city council as a depositary. The city treasurer shall deposit, daily, all monies received by him as city treasurer during the banking hours and all such monies as he may have received on the day previous after banking hours, in one of the banks or savings and loan associations which may have been designated by the city council as depositaries pursuant to law.

(Prior code § 7-35)

2-32-480 Active banks – Designation authority – Qualifications.

   The comptroller may designate from time to time, for such period of the fiscal year as he deems advisable and for the best interests of the city, one or more of the depositaries selected in accordance with law as an active bank or active banks and to rescind such selection or selections at any time when in his judgment such change should be made, but no bank shall be selected as an active bank unless its aggregate capital stock and surplus at the time it is accepted as a city depositary is $500,000.00 or more.

(Prior code § 7-36)

2-32-490 Active banks – Use by treasurer – School funds.

   During the period for which any such depositary of city and school funds shall be designated as the active bank under the provisions of Section 2-32-480, the treasurer shall deposit all monies received by him in such active bank and shall draw his checks upon such active bank to pay warrants drawn upon him.

   School funds may be deposited in any such bank in an account separate from city accounts and the title of the accounts so established shall appropriately describe the same as school funds.

(Prior code § 7-37)

2-32-500 Interest payments on city funds – Report requirements.

   The treasurer shall make a monthly report to the comptroller, under oath, for each calendar month, of all interest monies received by or credited to the treasurer or to the city by any depositary in which is deposited any interest-bearing monies of the city, including trust funds and special deposits.

   Such report shall show the name of the depositary where any interest-bearing monies are deposited, the average sum of money on deposit in each depositary during the calendar month, the interest paid or credited thereon by each depositary, and the average rate of interest so paid or credited.

   Such report shall he made and verified to the comptroller on or before the fifth day of the month next succeeding the month for which the report is rendered.

(Prior code § 7-38)

2-32-510 Interest on school funds.

   The treasurer shall place to the credit of the school fund all interest that may be earned thereby and be received by him.

(Prior code § 7-39)

ARTICLE VI. INVESTMENT OF CITY FUNDS AND MUNICIPAL BONDS (2-32-515 et seq.)

2-32-515 Investment policy.

   The Treasurer shall adopt a written investment policy which shall address the safety of the principal, liquidity of funds and return on investment. The policy shall be consistent with the provisions of this Code pertaining to investments. Subject to the requirements of this section, the Treasurer may amend the written policy from time to time. Copies of the written policy and any amendments thereto shall be kept on file with the City Clerk and the Comptroller, and shall be submitted annually, or if amended, no later than 30 days after such amendment, to the Chairman of the City Council Committee on Finance and the Chief Financial Officer.

   The written investment policy shall include material, relevant, and decision-useful sustainability factors to be considered by the Treasurer in evaluating investment decisions, including, but not limited to: (1) corporate governance and leadership factors; (2) environmental factors; (3) social capital factors; (4) human capital factors; and (5) business model and innovation factors, as provided under the Illinois Sustainable Investing Act, 30 ILCS 238/1, et seq.

   The written investment policy shall include a list of the top companies that are coal, oil, and gas reserve owners, ranked by the potential carbon emissions embedded in their reserves, which shall be updated by the Treasurer, at least annually. The Treasurer shall annually report to the Committee on Finance any changes, or whether there have been no changes, to the list. The Treasurer shall not invest any City funds in securities or other obligations of the companies on the list and shall divest from all securities or other obligations of the companies on the list, as soon as practicable or in accordance with the written investment policy.

(Added Coun. J. 1-11-05, p. 40561, § 2; Amend Coun. J. 1-15-20, p. 12834, § 1; Amend Coun. J. 3-23-22, p. 45824, § 1)