(A) Premiums and discounts on treasury investment purchases shall be credited to or charged against interest and amortized over the period from purchase to date of maturity of the security. Gains and losses in the sale of treasury investment securities shall be credited to or paid from interest.
(B) (1) Net interest realized by the treasury investment account shall be distributed quarterly as follows: interest on bond funds and special assessment funds, except waterworks, sewage disposal and revenue bond funds, shall be paid to the sinking or bond retirement fund; interest on waterworks funds, sewage funds, traffic funds, parking meter funds, street construction, maintenance and repair funds, urban renewal federal funds, and any other fund, the interest on which by the terms of any trust, will or agreement, must be credited to such fund, shall be paid to each of said respective funds; the balance of the interest earned on securities held by the treasury investment account shall be paid to the General Fund.
(2) For the purpose of distributing interest each fund shall be considered as having, during the period for which distribution is to be made, an average daily balance in the treasury investment account equal to the averages of the balances each such fund had in said account oh the first day of each month during the period for which distribution is to be made.
(Ord. 566, passed 6-27-1964)