(a) The Finance Director is hereby authorized to invest and deposit funds for the city as permitted by the city’s Investment Policy. All funds received, and income derived therefrom, are to be returned to the specific account from which the funds received originated.
(b) In the event that the funds are commingled for purposes of investment, the Finance Director is also to return a proportionate share of the income derived from the total investment for the following funds:
(1) Funds that by state law require the proportionate share of investment income;
(2) Funds used to account for grants requiring the proportionate share of investment income; and
(3) Funds as determined by the Finance Director to properly account for activities of the city.
(c) The method used to determine the proportionate share of income derived from the total investment for each will be determined by the Finance Director.
(Ord. 2007-115, passed 8-13-2007)