The Finance Director is empowered to develop and implement an investment program for idle funds not immediately needed for the maintenance and operation of the town services and facilities. Investments may be in certificates of high grade commercial paper, or saving deposits with banks which are members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by the United States government or by any agency or instrumentality thereof, or as may be provided in any other applicable laws of the State of Rhode Island.
('73 Code, § 2-28) (Ord. passed 8-3-70)