§ 3.16.020. Investment of idle funds

Temporarily idle moneys of the city not currently needed may, in accordance with the procedure hereafter described, be invested in:

A. Temporary notes or no-fund warrants of the city;

B. Time deposits, open accounts or certificates of deposit in commercial banks or trust companies which have offices located in the city. If no commercial bank or trust company is located in the city, then in commercial banks or trust companies which have offices located in Pratt County, or in the counties of the state of Kansas adjacent to Pratt County, as provided for, and subject to the restrictions of, KSA 12-1675;

C. Time certificates of deposit with state or federally chartered savings and loan associations which have offices located in the city;

D. Repurchase agreements with commercial banks, trust companies, or state or federally chartered savings and loan associations with offices located in the city, for direct obligations of, or obligations that are insured by, the United States government or any agency thereof. If no commercial bank, trust company or state or federally chartered savings and loan association has an office in the city, then in any commercial bank, trust company, or state or federally chartered savings and loan association with offices located in Pratt County. If no such commercial bank, trust company, or state or federally chartered savings and loan association will enter into such an agreement at or above the interest rate set out by KSA 12-1675a(g), then such repurchase agreements may be entered into with commercial banks, trust companies, or state or federally chartered savings and loan associations which have offices located in the state of Kansas;

E. United States treasury bills or notes with maturities as the governing body shall determine, but not exceeding two years. Investments authorized herein shall be utilized only if the banks, savings and loan associations and savings banks eligible for investments authorized in paragraph (2) of subsection (b) of KSA 12-1675 cannot or will not make the investments authorized in paragraph (2) of subsection (b) of KSA 12-1675 available to the investigating governmental unit at interest rates equal to or greater than the investment rate, as defined in subsection (g) of KSA 1998 Sup 12-1675a and amendments thereto.

(Ord. 9906 §§ 1, 2, 1999; prior code § 1-702)