The following represents instruments which are considered authorized investment instruments for the investment of city funds. The Director of Finance may invest on behalf of and in the name of the city in only those following instruments at a price not exceeding their fair market value:
A. Government Securities
Negotiable obligations of the U.S. Treasury, Federal Agencies, and U.S. Government-sponsored Corporations follows:
Direct Obligations of the U.S. Treasury
Treasury Bills
Treasury Notes and Bonds, including zero-coupon variations
Obligations of Federal Agencies and U.S. Government-sponsored Corporations:
Federal Farm Credit System (FFC)
Federal Home Loan Bank (FHLB)
Federal Home Loan Mortgage Corporation (FHLMC)
Government National Mortgage Association (GNMA)
Resolution Funding Corporation (REFCORP)
Student Loan Marketing Association (SLMA)
B. Nonnegotiable Interest Bearing Time Certificates of Deposit and Savings Accounts
Nonnegotiable Interest Bearing Time Certificates of Deposit and savings accounts only in commercial banks organized under the laws of this state, national banks organized under the laws of the United States, doing business in and situated in or operating a full service branch office with the boundaries of the City of Tipp City, provided that any such deposits and savings accounts are secured by collateral as prescribed in Section 16 of the Investment and Deposit Policy.
C. Money Market Funds
Money Market funds, including the State Treasury Asset Reserve of Ohio (STAR OHIO), whose portfolios consist of legal investments of the State of Ohio and which provide on-demand liquidity.
D. NOW Accounts (Interest Bearing Negotiable Order of Withdrawal Accounts
NOW accounts, Super NOW accounts, or any other similar account authorized by the Federal Reserve's Depository Institutions Deregulation Committee provided that such accounts are secured by collateral as prescribed herein.
E. City of Tipp City, Ohio Notes and Bonds
Any obligation of The City of Tipp City, Ohio without regard to term-to-maturity or interest rate, is an authorized investment instrument.
List of Authorized Investment Instruments
Approved Richard Drennen 1-1-94 /s/
Director of Finance
(1974 Code, Chapter 39, Appendix B) (Ord. 9-94, passed 5-2-1994)