Such funds as the Council may hereafter determine should be invested from utility bond reserve funds or utility extension and improvement funds be invested, as nearly equally as possible, in certificates of deposit for periods of not less than 90 days and not exceeding six months issued by the Consolidated State Bank, Farmers and Merchants Bank of the city, and the Golden Belt Savings and Loan Association; provided, that interest shall be earned on such invested funds at a rate equal to 100% of the yield on three-month United States Treasury bills as determined by the State Board of Treasury Examiners in the most recent determination prior to the interest period: provided further, that if either of the banks will not make such investments available to the city, such funds refused by such bank shall not be invested in the bank, but shall be invested in United States Treasury bills with maturity as the Council may determine but not to exceed three months.
(1987 Code, § 1-707) (Ord. 599, passed - -)