Title 3 - Revenue and Finance
3.28 Investment of Idle Moneys
3.28.010 Authority to Invest Idle Monies.
Temporarily idle monies of the City, not immediately required may be invested in accordance with the authority and procedure prescribed in K.S.A. 12-1675, and any amendments thereto.
(History: Ord. IIM-2292 §1, 2001; IIM-1770 §1, 92; IIM-1608 §1, 89; IIM-1185 §1, 82; IIM-858)
Effective on: 1/1/1901
3.28.015 Authority to Invest Bond Proceeds.
Bond proceeds of the City which are not currently needed, may be invested in accordance with the authority and procedure prescribed in K.S.A. 10-131, and any amendments thereto.
(History: Ord. IIM-2292 §2, 2001)
Effective on: 1/1/1901
3.28.020 Procedure and Restrictions.
The Chief Financial Officer shall periodically report to the Governing Body as to the amount of moneys available for investment and the period of time such amounts will be available for investment, and shall submit such recommendations as deemed necessary for the efficient and safe management of City finances. The recommendations of the Chief Financial Officer 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. The Governing Body may determine by resolution or City Manager may determine by policy the amount, method and term of any investment and the type of investment made, subject to the provisions of this chapter.
(History: Ord. No. IIM-3307 §1, 2020; Ord. IIM-1770 §2, 92; IIM-115 §2, 61)
Effective on: 1/1/1901
3.28.030 Custody and Safekeeping.
Securities purchased pursuant to this chapter shall be under the joint care of the Chief Financial Officer and any persons designated by the Chief Financial Officer or Governing Body, and shall be held in the custody of a state or national bank or trust company, or shall be kept with a safekeeping agent of the City in a bank or trust company. Securities shall be held in accordance with policies issued by the City Manager and as required by law.
(History: Ord. No. IIM-3307 §2, 2020; Ord. IIM-1770 §3, 92; IIM-115 §3, 61)
Effective on: 1/1/1901
3.28.040 Sale or Transfer.
If, in order to maintain sufficient moneys on demand deposit in any fund, as provided in Section 3.28.020, it becomes necessary to transfer or sell any securities of such funds, securities may be transferred or sold in accordance with any resolutions adopted by the Governing Body or policies issued by the City Manager.
(History: Ord. No. IIM-3307 §3, 2020; Ord. IIM-1770 §4, 92; IIM-115 §4, 61)
Effective on: 1/1/1901
3.28.050 Earnings and Records.
The Chief Financial Officer shall maintain a complete and detailed record at all times of all investments made pursuant to this chapter.
(History: Ord. No. IIM-3307 §4, 2020; Ord. IIM-1770 §5, 92; IIM-115 §5, 61)
Effective on: 1/1/1901