There is hereby created and established a Treasury Investment Board for the City, for the purpose of investing surplus Municipal funds in eligible securities including, but not limited to, bonds or other obligations of the United States, bonds for the payment of which the faith of the United States, is pledged, bonds issued by the Home Owners Loan Corporation pursuant to the Home Owners Act of 1933, and amendments thereto, bonds of the State, and bonds of any city, village, county, township or political subdivision of the State, as to which there has been no default in the payment of principal or interest. Only funds which shall not be utilized for obligations of the City for six months or more are eligible for investment in securities. Such enumeration of surplus funds shall be made by the Finance Director and submitted in writing to the Board. (Ord. 1976-189. Passed 11-3-76.)