§ 54-69. Procedure and restrictions.

(a)

Upon request of the city manager, the city treasurer shall periodically report to the board of city commissioners as to the amount of moneys available for investment, and shall submit recommendations as deemed necessary for the efficient and safe management of city finances. The recommendations of city administration shall provide for an investment program which shall so limit the amounts invested and schedule the maturities of investments so that the city will at all times have sufficient moneys available on demand deposit to assure prompt payment of all city obligations.

(b)

The city treasurer may, at the direction of the city manager, invest on a temporary basis, bank demand deposit balances which are not immediately required for expenditure.

(c)

The city treasurer shall, upon request of the city manager, submit a report of investments to the board of city commissioners.

(Prior Code(2), § 3.16.020; Ord. No. 3473, § 1, 1989)