§ 33.08 INVESTMENTS.
   (A)   Any funds not needed for current expenses or obligations of the city should be invested for the purpose of receiving some return on the investment while holding as the foremost priority the security of the investment and the minimization of risk of loss to the city. Consistent with this finding, the City Council authorizes investment of funds as follows:
      (1)   The Mayor may invest city funds available for investment in any bank savings account, certificate of deposit, money market or checking account as deemed appropriate by the Mayor without any further approval or authorization.
      (2)   Upon recommendation of the Mayor and with the approval of the City Council, any funds available for investment may be invested in any of those categories of investments as authorized by KRS 66.480.
   (B)   Investments in any bank shall be limited to the amount of insurance available to the city by the Federal Deposit Insurance Corporation or other similar entity, or which are collateralized to the extent uninsured in a manner permitted by statute.
   (C)   The city hereby adopts the following standards for written agreements pursuant to which investments are made.
      (1)   For any investment in a bank, no written agreement shall be required except the Mayor and City Treasurer shall be authorized to sign a signature card and any other documents necessary in order to permit the city to place the investment in the bank.
      (2)   For any investments requiring approval of the City Council, the City Council shall determine from time to time what written agreements may be necessary to protect the investment.
      (3)   For any investment made by the city, the city shall require reports from the entity with which the funds are invested on a schedule not less than one (1) time per calendar quarter. However, the city may require more frequent reporting where deemed appropriate.
   (D)   At the next meeting following the investment of any funds, the Mayor shall report to the City Council the following information:
      (1)   The amount of funds invested;
      (2)   The source of the funds placed for investment;
      (3)   The terms of the agreement for investment and the anticipated return; and
      (4)   The duration and liquidity of the investment.
   (E)   Funds shall not be invested in any one investment/investment entity (except an FDIC insured bank which has pledged its capital stock as additional security) in excess of one hundred thousand dollars ($100,000.00). However, funds that are temporarily in possession of the city and awaiting disbursement within thirty (30) days shall not be subject to this diversification requirement and may be held in the depository for city funds awaiting disbursement for a period of up to but not exceeding thirty (30) days.
(Res. 94-010, passed 12-12-94)