(a) The Director of Finance is hereby authorized, empowered and directed to designate an estimated aggregate amount of active deposits of public moneys of the City.
(b) The Director of Finance shall declare to the Board of Control that funds of the City shall be designated inactive funds.
(c) The Director of Finance shall request application for interim deposits from all financial institutions located in the City known to be eligible. Such bids shall be in accordance with specifications on file in the office of the Director of Finance, and in accordance with the laws of the State.
(d) The Director of Finance shall deposit the interim and active funds of the City in a financial institution as provided by the laws of the State.
(e) The inactive funds of the City shall be deposited by affirmative action of the Board of Control in financial institutions as provided by the Uniform Depository Act.
(f) The specifications on file in the office of the Director of Finance are hereby approved.
(Ord. 225-1977. Passed 10-3-77.)