(A) The Clerk-Treasurer may invest surplus money of, or on deposit with, the town and not required for immediate expenditure.
(1) Investments may be made in any security or investment instrument authorized by IC 5-13-9, but subject to any public depository distribution requirements as provided by former IC 5-13-8-10, if applicable to the investment.
Editor's note:
IC 5-13-8-10, cited in division (A)(1) of this section, was repealed effective 3-21-96
(2) Investment shall be made in instruments having sufficient liquidity to permit the town to meet its expenditure requirements in a timely manner and shall not be made in any security maturing in more than one year from the date of the investment unless the Clerk-Treasurer determines, on a reasonable basis, that all money so invested is not likely to be required for a longer period of time.
(B) The Clerk-Treasurer may sell or otherwise liquidate an investment if the investment money should prove to be needed to pay the expenses of the town in order to make a more advantageous investment or to forestall principal devaluation.
(C) Unless otherwise provided by law, applicable state or federal administrative regulations or town ordinance, investments shall be made from total money on deposit rather than by specific fund and all earnings or amounts of capital gain realized from the investment shall accrue to the general fund and only the amount of original principal shall be returned to the fund or origin.
(D) To the extent not inconsistent with the foregoing requirements of this section, money from different funds may be combined and put in a single investment if a financial advantage to the town would result. When any investment is made in accordance with this section and applicable laws, the Clerk-Treasurer shall not be held personally liable for any loss of principal which may incidentally result from the making or necessary sale or liquidation of the investment.
('85 Code, § 2-7-7) (Ord. 1985-C9, passed 9-16-85)