Whenever a city has accumulated a surplus of any fund in excess of its current needs or has accumulated a sinking fund for the payment of its bonds and the money in such sinking fund exceeds the amount necessary to pay the principal and interest of any such bonds which become due during the current year, the City Council may invest any such surplus in certificates of deposit, in time deposits, and in any securities in which the state investment officer is authorized by law and as provided in the authorized investment guidelines of the Nebraska Investment Council in effect on the date the investment is made.
(Neb. RS 77-2341(1)) (`77 Code, § 1-817) (Am. Ord. 469, passed 1-8-90)
Statutory reference:
Investment in bonds, see Neb. RS 17-608 and 17-609
Investment in cooperative credit associations, see Neb. RS 21-1316.01
Investment of funds, see Neb. RS 77-2337 and 77-2341