(A) Pursuant to I.C. 5-13-5-5, the City Controller is hereby authorized to transact the city's business with a financial institution or a retirement fund administered by the Public Employees' Retirement Fund through the use of electronic fund transfers; and to further invest in certificates of deposit of depositories which have been designated by the State Board of Finance as a depository for state deposits under I.C. 5-13-9.5 et seq., as well as invest in securities backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States according to I.C. 5-13-9 et seq.
(B) The following transactions may be conducted by electronic fund transfers: all transactions related to payroll; police and fire pension; federal, state and county funding deposits; as well as infrequent and/or other transactions required by law or a third party.
(C) The funds shall be deposited in a financial institution, as that term is defined by I.C. 5-13-6-1.
(D) The funds may be deposited in a financial institution, as that term is defined by I.C. 5-13-5-1, that has an office in the city.
(E) The City Controller shall deposit all funds not later than the next business day following the receipt of funds in depositories that are approved for state funds.
(F) The City Controller shall maintain records and documentation as are adequate of the transaction conducted so that they may be audited as provided by law.
(Ord. 4855, passed 10-7-2004)