(A) The Mayor of the City, Commission member assigned to finance, and the City Clerk shall invest and oversee the investment of funds.
(B) All funds shall be invested only in certificates of deposit or interest-bearing accounts in banks which are insured by the Federal Deposit Insurance Corporation or a similar entity.
(C) The City Clerk or Commissioner assigned to finance shall provide a report at each meeting of the City Commission concerning the status of all investments of the city.
(D) Investments in certificates of deposit or interest-bearing accounts shall be diversified to ensure that the insurance provisions of the Federal Deposit Insurance Corporation or similar agencies remain in effect for all of the funds invested.
(Ord. 94-9, passed 12-5-94)