The city, or any trustee on behalf of the city, may invest any funds held by it pursuant to §§ 36.25 through 36.37 in bonds, notes, certificates of indebtedness, treasury bills, or other securities constituting direct obligations of the United States of America; in certificates of deposit or time deposits constituting direct obligations of any bank as defined by the Illinois Banking Act. However, investments may be made only in certificates of deposit or time deposits issued by banks which are insured by the Federal Deposit Insurance Corporation, if then in existence; or in short term discount obligations of the Federal National Mortgage Association. These securities may be purchased at the offering or market price at the time of the purchase.
(Ord. 6491, passed 8-9-77)