The city’s Clerk-Treasurer may invest funds within his or her control in any or all of the following:
(A) Certificates of deposit issued by any state or federally chartered bank having offices in the county;
(B) In repurchase or resale agreements involving the purchase and guaranteed resale of any interest- bearing obligations issued or fully insured or guaranteed by the United States or any United States government agency in which type of agreement the amount of money must be fully collateralized by interest-bearing obligations as determined by the current market value computed on the date the agreement is effective;
(C) In those interest-bearing accounts of duly designated depositories, commonly known as passbook savings accounts and money market deposit accounts;
(D) In passbook savings accounts, money market deposit accounts and certificates of deposit issued by state building and loan associations or federal savings and loan associations or savings banks; and
(E) In negotiable or transferable instruments for the purpose of making transfers to third persons generally known as negotiable orders of withdrawal (NOW) accounts of any:
(1) Bank, trust company or mutual savings incorporated under state law;
(2) National banking association;
(3) State chartered building and loan association operated as a deposit association;
(4) Federally chartered savings and loan association operated as a deposit association;
(5) Federally chartered savings bank; or
(6) State-chartered credit union having assets of $3,000,000 or more which is federally insured; provided that, the financial institution has a principal office or branch in the county.
(Prior Code, § 37.01) (Ord. G-89-4, passed 2-14-1989)