(A) The City Council hereby authorizes the investment officer of the City of Woodburn to invest public funds in certificates of deposit of depositories that have not been designated by the local Board of Finance but are designated by the State Board of Finance as a depository for state deposits under I.C. 5-13-9-5.
(B) The authority granted herein expires on the first anniversary of the date on which this section is adopted.
(C) The City Council hereby authorizes the investment officer of the City of Woodburn to invest public funds in interest bearing deposit accounts pursuant to I.C. 5-13-9-5.3 in accordance with the following conditions:
(1) The funds are initially invested through a depository that is selected by the investing officer;
(2) The selected depository arranges for the deposit of the funds in interest bearing deposit accounts in one or more federally insured banks or savings and loan associations, wherever located, for the account of the City of Woodburn;
(3) The full amount of the principal and any accrued interest of each deposit are covered by insurance of any federal deposit insurance agency;
(4) The selected depository acts as a custodian for the City of Woodburn with respect to the deposits; and
(5) On the same date that the City of Woodburn's funds are deposited, the selected depository receives an amount of deposits covered by insurance of any federal deposit insurance agency from customers of other institutions, wherever located, at least equal to the amount of funds invested by the City of Woodburn through the selected depository.
(Ord. 18-1363, passed 1-2-18; Am. Ord. 19-1370, passed 1-7-19; Am. Ord. 20-1378, passed 3-2-20)