§ 35.21 INVESTMENTS AND DEPOSITS.

   (A)   Deposits and investments shall be:

      (1)   Securities issued by the United States or backed by the full faith and credit of the United States;

      (2)   Student loans guaranteed by the United States;

      (3)   Securities of the State of New Mexico;

      (4)   Securities of a county, municipality, or school district of New Mexico with a property tax valuation of $1,000,000 or more; or

      (5)   Revenue bonds underwritten by N.A.S.D. and rated B.A.A. or better.

   (B)   All interest-bearing investments (accounts other than interest-bearing checking and repurchase agreements) shall be equitably distributed among the designated financial institutions within the city according to the net worth formula established by statute. The rate of interest must be at least the rate of United States treasury bills.

(Ord. 919, passed 1-14-2003)