(a) Sinking Funds. All city monies collected or held as sinking funds, and interest thereon, shall be deposited by ordinance or policy of the governing body in those investments as set forth in the Arizona Revised Statutes as being permissible investments for state monies.
(b) Surplus and Idle Funds. All city monies which are surplus funds or idle funds, and interest thereon, shall be invested as provided by ordinance or policy of the governing body in those investments as set forth in the Arizona Revised Statutes as being permissible investments for state monies.
(Ord. No. 4086, § 1, eff. 11-28-73; Ord. No. 7684, § 1, eff. 12-30-91)
Editors Note: Section 12 was amended in its entirety by Ord. No. 7684, adopted Sept. 3, 1991; approved at referendum Nov. 5, 1991; certified by the mayor Nov. 12, 1991; and approved by the governor Dec. 30, 1991.