A. Said investment committee shall determine and approve deposits in public depositories in demand accounts or deposits in accounts upon which negotiable orders of withdrawal may be written, or in similar transaction deposit accounts. Provided, however, surplus, or idle funds, as defined in Idaho Code section 57-131, shall be invested in the state of Idaho local government investment pool or such instruments and securities as may be allowed by Idaho Code section 67-1210.
B. Furthermore, the treasurer shall utilize the state of Idaho local government investment pool as the primary investment for surplus or idle funds unless otherwise determined, in advance, by the Power County investment committee.
C. Confirmations for all purchases or sales of securities by Power County must be held by the Power County treasurer within the Power County treasurer's vault. If such confirmation of purchase and/or sale is retained in the Power County treasurer's vault, the treasurer is authorized to leave the actual securities in the name of Power County on account with brokers or correspondent banks.
D. The Power County treasurer is further authorized to hold surplus or idle funds in time deposits, savings accounts, money market or brokerage accounts collateralized entirely by government and/or agency investments on a short term basis while exploring markets for favorable investments.
E. The Power County treasurer is further permitted to invest in authorized securities through local (Power County) offices or branches of nationally recognized reputable brokerage firms, local banks, and savings and loan institutions with prior review and approval by the Power County commissioners. The Power County treasurer's initial contacts should be with primary dealers who have direct access to United States treasury auctions. The Power County treasurer is further requested to seek out firms that carry insurance in addition to that offered by the FDIC, FSLIC, and SIPC coverage. (Res. 2007-02A, 6-11-2007, eff. 6-11-2007)