6893 Invest Idle MoneysCONSOLIDATED-SALINA
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ORDINANCE 110.
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F d ORDINANCE AUTHORIZII`IG TiiE INVESTMENT OF CERTAIN TEMPORARY
Ii)LE MONEYS OF THE CITY OF SALINA, KANSAS.
3E IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF SALINA,
CA`ISAS
Section 1. Authority to Invest: Temporary idle moneys of
the City of Salina not currently needed may, in accordance with
the procedure hereinafter prescribed, be invested in: (a). Direct
obliation to the United States Government, which mature within
one year from date purchased and which are guaranteed as to prin-
cipal by the United States Government; or, (b). Temporary notes
of. the City of Salina, Kansas, issued pursuant to K.S.A. 10-123.
The provisions of this ordinance shall not apply to any funds of
the city, the investment of which is expressly authorized or
limited or prohibited by the statutes of the State of Kansas; or,
(c). In interest bearing; certificates of deposits of the deposi-
tory banks of the City o.f Salina, Kansas; or, (d). In interest
bearing accounts with federally insured savings and loan asso-
ciations located within the City of Salina, Kansas; or, (e). No -
fund warrants of the City of Salina, Kansas, or the Salina Airport
issued pursuant to an order of the Board of Tax Appeals of the
State of Kansas.
Section 2. Procedure and Restrictions: The City Manager and
City Clerk shall periodically report to the governing body as to
the amount 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 the city finances. The recommendations of the Citv
Manager and City Clerk shall provide for an investment program
Tahich shall so limit the amount invested and schedule the matur-
ities of investments so that the city will at all times have
sufficient money available on demand deposit to assure prompt pav-
ment of all city obligations. The governing body shall determine
by resolution the amount, method and terms of anv investment and
the tv)e of investment made, subject to the provisions of this
c^-_:Iall ce.
CONSOLIDATED-SALINA
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Section 3. Custodv and Safe Keepin7: Securities purchased
oursuant to this ordinance shall be under the joint care of the
Clerk, City Treasurer and City Manager and shall be held in
the custody of a state or national bank or trust company, or shall
be ke->t by such of.ficiers in a safety deposit box of the city in
a bank or trust company. Securities in an original or receipt
form may be held in the custody of a bank or trust company, shall
be held in the name of the city and their redemption, transfer or
withdrawal shall be permitted only upon the written instruction of
at least two such city officers. Securitles not held in custody
of a bank or trust company shall be personally deposited by such
officers in a safety deposit box in the name of the city in a bank
or trust company, access to which shall be permitted only in the
personal presence and under the signature of at least two such
officers.
Section 4. Sale or Transfer: If, in order to maintain suf-
ficient money on demand deposit in any fund, as provided in Section
2 of this ordinance, it becomes necessary to transfer or sell any
securities of such fund, any two or more of the officers specified
in Section 3, may transfer said securities to any other fund or
funds, in which there are temporary idle moneys, or shall sell
such securities and for such purpose they shall have authority to
maintain all necessary written directions, endorsements or assign-
iftents for and on behalf of the city. Any such transfers or sales
shall be reported in writing to the Governing Body at its next
regular meeting.
Section S. The interest or other earnings from investments
made pursuant to this ordinance 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 City Clerk shall maintain a complete and detailed
record at all times of all investments made pursuant to this
ordinance.
:vection 6. This ordinance shall be in full force and effect
upon its passage and publication as provided by law.
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CONSOLIDATED-SALINA
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Adopted by the Governin7; 3odv of the City of Salina, Kansas,
approved by the Mayor this �l� day of November, 1965.
Mavor
ATTEST:
City Clerk