It is the policy of the city to require that all cash and investments maintained in any financial institution named as a depositary be collateralized at a level equal to or greater than 50% of the market value of principal, plus accrued interest, absent specific approval from the City Commission. Collateral shall be limited to the types of instruments authorized as collateral for state funds under KRS 41.240.
(Ord. 1B-1994, passed 12-13-1994)