(A) It shall be city policy to select financial institutions on the following basis:
(1) Security. The city shall maintain funds in a financial institution only if that institution is federally insured or invests strictly in securities which have the full faith and credit of the U.S. Government.
(2) Location. Every attempt will be made to invest city funds locally provided local institutions are price competitive with respect to rates or return on comparable investment products.
(3) Statement of condition. The city will maintain for public and managerial inspection, current statements of condition for each financial institution named as depository. If, for any reason information furnished is considered by the city to be insufficient, the city may request additional information.
(B) The City Council hereby authorizes the City Treasurer to maintain funds in the following institutions as the City Treasurer sees fit according to the guidelines specified within this investment policy:
(1) Tuscola National Bank, 214 N. Main Street and 900 S. Progress Blvd., Tuscola, IL 61953.
(2) First Federal Bank of Tuscola, 504 S. Main Street, Tuscola, IL 61953.
(3) First Mid-Illinois Bank and Trust, 410 S. Main Street, Tuscola, IL 61953.
(4) First State Bank of Tuscola, 801 S. Main Street, Tuscola, IL 61953.
(5) State of Illinois Public Treasurer’s Investment Pool, The Illinois Funds Prime Fund and Money Market Fund.
(6) Illinois Metropolitan Investment Fund.
(Ord. 99-O-17, passed - -99; Am. Ord. 2001-O-13, passed - -01; Am. Ord. 2003-O-5, passed 3-10-03; Am. Ord. 2014-O-2, 3-24-14)