123.04 CREDIT OF INTEREST ON DEPOSITS.
   (a)    The Director of Finance is authorized to invest City funds not required for immediate use whether such funds be designated active, interim or inactive, in interest bearing deposits or other forms of investment authorized by general law for the investment of Municipal funds. Balances belonging to different funds of the Municipality may be co-mingled for investment purposes, unless such co-mingling is expressly prohibited by law. (Ord. 5-1982. Passed 3-9-82.)
   (b)    All interest received on invested moneys of the Municipality, without regard to the funds, accounts and departments to which the invested moneys may be attributed, shall be credited to the Capital Improvement Fund created by Section 123.05 and to the General Fund. Sixty-seven percent (67%) of the interest shall be credited to the Capital Improvement Fund and thirty-three percent (33%) of the interest shall be credited to the General Fund.
(Ord. 24-2001. Passed 6-12-01.)
   (c)    Interest received on Federal Revenue Sharing Trust Fund money shall be recognized and credited to such Fund at the end of each year by a transfer from the capital improvement fund. The amount transferred to the Federal Revenue Sharing Trust Fund shall be a percentage of all interest received during the past year. The percentage shall be determined by comparing the average monthly balance of the Federal Revenue Sharing Trust Fund with the average monthly balance of all funds together.
   (d)    The Director shall report to Council, quarterly, the total investment income received by the City and the manner in which the same has been credited on the City's books of account. (Ord. 5-1982. Passed 3-9-82.)