The City Treasurer shall invest monies in the custody of the Treasurer, which are in excess of the amount needed to meet the budget items for the current fiscal year, in:
A. Direct obligations of the United States government, its agencies or instrumentalities to the payment of which the full faith and credit of the government of the United States is pledged, or obligations to the payment of which the full faith and credit of this State is pledged;
B. Fully insured certificates of deposits of savings and loan associations, banks, savings banks and credit unions, whether located in or out of this State; and/or
C. Savings accounts or savings certificates of savings and loan associations, banks, and credit unions, to the extent that the accounts or certificates are fully insured by the Federal Deposit Insurance Corporation. (Ord. 2012-04, 10-22-2012)