(a) It is the intention of Council, by this section, to establish the investment policy of the City for active deposits, inactive deposits, interim deposits and all other Municipal revenue or income.
(b) It shall be the policy of the City to provide all moneys which at any time may be required for any sinking fund or bond retirement for the benefit of the holders of any notes, bonds or other obligations of the City.
(c) Premiums and discounts on treasury investment purchases shall be credited to or charged against interest and amortized over the period from purchase to the date of maturity of the security. Gains and losses in the sale of treasury investment securities shall be credited to or paid from interest.
(d) Net interest realized by the treasury investment account or other funds and accounts of the City shall be distributed quarterly as follows:
(1) Interest on bond funds, except mortgage revenue bond funds and special assessment funds, shall be paid to the appropriate bond retirement fund to the extent required to service obligations of the City;
(2) Interest on mortgage revenue bond funds shall be paid as required by the respective mortgages securing such bonds, including the funding of any necessary or proper reserves or replacement funds therefor; and
(3) Interest on waterworks funds, sewage funds, traffic funds, parking meter funds, reserve funds, street construction, maintenance and repair funds, Federal funds or grants and any other funds, including moneys payable under any trust, will or agreement, to the extent permitted by the terms thereof, shall be paid to the General Fund.
(e) The laws of the State shall control the disposition of moneys and funds of the City, except as provided herein.
(Ord. 74-14. Passed 3-18-74.)