In order to reduce the risk of default, no financial institution shall hold more than 50% of the city’s investment portfolio at the current time of investment placement, exclusive of United States Treasury securities or Government National Mortgage securities held in safekeeping. The total amount of funds and money deposited by the City Treasurer, belonging to the city, in any depository shall not at any time exceed 75% of the capital stock and surplus of the depository.
(Ord. 99-O-17, passed - -99; Am. Ord. 2001-O-13, passed - -01)