[Code 1997; CC 2000 §1-501]
A.
Temporarily
idle monies of the City not currently needed may in accordance with
the procedure hereafter described be invested:
1.
In temporary notes or no-fund warrants issued by such investing governmental
unit;
2.
In time deposit, open accounts or certificates of deposit with maturities
of not more than two (2) years:
a.
In commercial banks which have offices located in such investing
governmental unit; or
b.
If the office of no commercial bank is located in such investing
governmental unit, then in commercial banks which have offices in
the County or Counties in which all or part of such investing governmental
unit is located;
3.
In time certificates of deposit with maturities of not more than
two (2) years:
a.
With State or Federally chartered savings and loan associations or
Federally chartered savings banks which have offices located in such
investing governmental unit; or
b.
If the office of no State or Federally chartered savings and loan
association or Federally chartered savings bank is located in such
governmental unit, then with State or Federally chartered savings
and loan associations or Federally chartered savings banks which have
offices in the County or Counties in which all or part of such investing
governmental unit is located;
4.
In repurchase agreements with:
a.
Commercial banks, State or Federally chartered savings and loan associations
or Federally chartered savings banks which have offices located in
such investing governmental unit, for direct obligations of, or obligations
that are insured as to principal and interest by, the United States
Government or any agency thereof; or
b.
If the office of no commercial bank, State or Federally chartered
savings and loan association or Federally chartered savings bank is
located in such investing governmental unit; or
c.
If no commercial bank, State or Federally chartered savings and loan
association or Federally chartered savings bank has an office located
in such investing governmental unit is willing to enter into such
an agreement with the investing governmental unit at an interest rate
equal to or greater than the investment rate, as defined in K.S.A.
12-1675a and amendments thereto, then such repurchase agreements may
be entered into with commercial banks, State or Federally chartered
savings and loan associations or Federally chartered savings banks
which have offices in the County or Counties in which all or part
of such investing governmental unit is located; or
d.
If no bank, State or Federally chartered savings and loan association
or Federally chartered savings bank which has its office in such County
or Counties is willing to enter into such an agreement with the investing
governmental unit at an interest rate equal to or greater than the
investment rate, as defined in K.S.A. 75-1675a and amendments thereto,
then such repurchase agreements may be entered into with commercial
banks, State or Federally chartered savings and loan associations
or Federally chartered savings banks which have offices in the State
of Kansas;
5.
In United States Treasury bills or notes with maturities as the Governing
Body shall determine, but not exceeding two (2) years. Such investment
transactions shall only be conducted with the following, which is
doing business within the State of Kansas, any State or national bank,
State or Federally chartered savings and loan association or Federally
chartered savings bank; or with primary government securities dealers
which report to the Market Report Division of the Federal Reserve
Bank of New York; or any broker-dealer which is registered in compliance
with the requirements of Section 15C of the Securities Exchange Act
of 1934 and registered pursuant to K.S.A. 17-1254, and amendments
thereto;
6.
The municipal investment pool fund;
7.
The investments authorized and in accordance with the conditions
prescribed in K.S.A. 12-1677a, the Municipal Investment Pool Fund
Act;
8.
The Trust Departments of commercial banks which have offices located
in such investing governmental unit or with trust companies which
have contracted to provide trust services under the provisions of
K.S.A. 9-2107, and amendments thereto, with commercial banks which
have offices located in the County or Counties in which such investing
governmental unit is located. Public monies invested under this paragraph
shall be secured in the same manner as provided for under K.S.A. 9-1402,
and amendments thereto. Investments of public monies under this paragraph
shall be limited to those investments authorized under Subsection
(b) of Section (1) of the Municipal Investment Pool Fund Act.
9.
The investments authorized in paragraphs (5), (6), (7) or (8) of
this Section shall be utilized only if the appropriate eligible commercial
banks, which have offices located in the investing governmental unit
or in the County or Counties in which all or a part of such investing
governmental unit is located if no such bank has an office which is
located within such governmental unit, or the appropriate eligible
State or Federally chartered savings and loan associations or Federally
chartered savings banks, which have offices located in the investing
governmental unit or in the County or Counties in which all or a part
of such investing governmental unit is located if no such State or
Federally chartered savings and loan association or Federally chartered
savings bank has an office which is located within such governmental
unit, cannot or will not make the investments authorized in paragraphs
(2) or (3) of this Section available to the investing governmental
unit at interest rates equal to or greater than the investment rate,
as defined in K.S.A. 12-1675a, and amendments thereto.
[Code 1983; CC 2000 §1-502; Ord. No.
1477, 3-21-2018]
The Finance Director shall monthly provide a detailed investment
report to the City Administrator and the City Clerk. The Finance Director
shall provide for an investment program which shall so limit the amounts
invested and shall schedule the maturities of investments so that
the City will, at all times, have sufficient monies available on demand
deposit to assure prompt payment of all City obligations.
Investments made pursuant to this Article shall be secured in
the manner provided by K.S.A. 9-1402.
[Code 1974 §1-706; CC 2000 §1-505; Ord. No. 1477, 3-21-2018]
The interest or other earnings from investments made pursuant
to this Article shall be credited pro rata to the fund or funds from
which the investments were made and shall be used, insofar as possible,
to relieve the ad valorem tax levies of the City. The Finance Director
shall maintain a complete and detailed record at all times of all
investments made pursuant to this Article.
