Whenever a city has accumulated a surplus of any fund in excess of its current needs or has accumulated a sinking fund for the payment of its bonds and the money in such sinking fund exceeds the amount necessary to pay the principal and interest of any such bonds which become due during the current year, the governing body of such municipality may invest any such surplus in certificates of deposit, in time deposits and in any securities in which the state investment officer is authorized by law and as provided in the authorized investment guidelines of the state’s Investment Council in effect on the date the investment is made.
(Prior Code, § 1-818) (Ord. 500, passed 11-28-1989)
Statutory reference:
Similar provisions, see Neb. RS 17-608, 17-609 and 77-2341