109.06 INVESTMENTS PERMITTED.
   The Director of Finance may invest on behalf of and in the name of the City in the following instruments at a price not exceeding their fair market value:
   (a)   Government securities, including:
      (1)   Negotiable direct obligations of the United States or obligations issued by Federal agencies the principal of and interest on which are unconditionally guaranteed by the United States.
      (2)   Direct obligations.
      (3)   Treasury bills.
      (4)   Treasury notes.
   (b)   Nonnegotiable interest-bearing time certificates of deposits and savings accounts in banks organized under the laws of this State, national banks organized under the laws of the United States doing business and situated in this State, savings and loan associations under State supervision or savings and loan associations located in this State and organized under Federal law and under Federal supervision, provided that any such deposits and savings accounts are secured by collateral as provided in Section 109.07.
   (c)   Repurchase agreements of a bank or savings and loan association organized under the laws of the United States or any state thereof and reverse repurchase agreements for negotiable direct obligations of the United States, Federal agencies and Federal instrumentalities as follows:
      (1)   U.S. Treasury bills and notes.
      (2)   Government National Mortgage Association (GNMA).
      (3)   Federal Farm Credit Bank obligations.
      (4)   Federal Home Loan Bank obligations.
   (d)   Now Accounts, Super Now Accounts or any other similar account authorized by the Federal Reserve's depository institutions' Deregulation Committee.
      (Ord. 87-253. Passed 5-27-87.)