(A) The Clerk-Treasurer of the city is hereby authorized to deposit, invest, and reinvest monies, as determined and identified by the Clerk-Treasurer, in the following designated financial institutions in the city and Dearborn County, Indiana as follows:
(1) US Bank;
(2) United Community Bank;
(3) Dearborn Savings Association;
(4) Fifth Third Bank;
(5) MainSource Bank;
(6) First Financial Bank;
(7) Friendship State Bank; and
(8) Any other bank on the Indiana State Approved Depository List.
(B) Pursuant to I.C. 5-13-9-5, the Common Council authorizes the investing officer of the city to invest in certificates of deposit of depositories that have not been designated by the local board of finance but have been designated by the state board of finance as a depository for state deposits under I.C. 5-13-9.5. this authorization expires two years after the adoption date.
(C) The Common Council also authorized the investing officer to invest in certificates of deposit under certain conditions in accordance with I.C. 5-13-9-5.3 as follows:
(1) The funds are initially invested through a depository that is selected by the investing officer.
(2) The selected depository arranges for the deposit of the funds in certificates of deposit in one or more federally insured banks or savings and loan associations, wherever located, for the account of the city.
(3) The full amount of the principal and any accrued interest of each certificate of deposit are covered by insurance of any federal deposit insurance agency and/or PDIF insurance in the State of Indiana.
(4) The selected depository acts as a custodian of the city with respect to the certificates of deposit issued for its account.
(5) At the same time that the city’s funds are deposited and the certificates of deposit are issued, the selected depository receives an amount of deposits covered by insurance of any federal deposit insurance agency from customers of other institutions wherever located, at least equal to the amount of the funds invested by the city through the selected depository.
(Am. Res. 7-2011, passed 8-1-11; Am. Res. 6-2016, passed 11-21-16; Am. Ord. 10-2018, passed 6-28-18)