Any money in the above listed account or funds may be invested in interest-bearing demand or time deposits (including certificates of deposit) in amounts that are fully insured by the FDIC or the FSLIC (or successor corporations) or in direct or fully guaranteed obligations of the United States maturing not later than the earliest date on which the moneys in the respective accounts are estimated to be needed, but in no event later than five years from the date of any investment. The securities shall be sold whenever funds are needed. Earnings of any funds invested shall be credited in the account for which the investment was made. Uninvested money on hand shall at all times be deposited in banks selected by the city. Money in the Sewer Revenue Fund and the Sewer Construction Fund must be maintained in separate accounting records.
(1999 Code, § 99.11)