In order to reduce the risk of default, the investment portfolio of the city shall not exceed the following diversification limits unless specifically authorized by the City Council:
(A) Monies deposited at a financial institution shall not exceed 75% of the capital stock and surplus of that institution;
(B) Commercial paper shall not exceed 33% of the city’s investment portfolio;
(C) Deposits in the Illinois Public Treasurer’s Investment Pool shall not exceed 50% of the city’s investment portfolio;
(D) Brokered and negotiable certificates of deposit shall not exceed 25% of the city’s investment portfolio.
(1994 Code, § 40.12) (Ord. 99-03, passed 3-22-1999; Ord. 2017-07, passed 12-26-2017)