(A) Investment of surplus funds. The City Auditor shall prepare monthly a statement of monies in the Treasury or in process of collection and a schedule showing the proper requirements of money for the use of the city for the ensuing six-month period, together with a recommendation as to whether any monies in the Treasury shall be invested. The Manager and Auditor, together with the City Attorney, shall constitute the “Investment Committee.” The Auditor shall invest, in accordance with the requirements of applicable laws and the directives of the Investment Committee, so much of the money as the Investment Committee recommends.
(B) Treasury investment account. The City Auditor shall maintain an account to be known as the Treasury Investment Account, in which shall be entered all transactions relating to the investment of Treasury funds as herein provided, and shall furnish to the Investment Committee, a duplicate of all items entered thereon, showing all bonds or other securities purchased or sold for the Treasury account, with the number, maturity, date, and interest coupons, and whenever any such securities or interest coupons are due he or she shall issue his or her order for their collection in the same manner as other receipts are collected.
(C) Custody of securities. All securities belonging to the city purchased in accordance with the provisions of this section shall be in the custody of the City Auditor and shall be kept by him or her in a safety deposit box as are other securities owned by the city, and properly segregated from other securities. The box shall be opened only in the presence of the Investment Committee.