The Clerk-Treasurer acting as the investing officer is authorized to invest in certificates of deposit under certain conditions, in accordance with I.C. 5-13-9-5.3, as follows.
(A) The funds are initially invested through a depository that is selected by the investing officer.
(B) 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 town.
(C) 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.
(D) The selected depository acts as a custodian for the town with respect to the certificates of deposit issued for its account.
(E) At the same time that the town’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 town through the selected depository.
(Res. 2, 2011, passed 2-15-2011)