A.
Designation. Every state or national bank, savings and loan association, savings and trust company, mutual savings bank, and credit union located in this state which has qualified as a public depository with the Secretary of Financial Institutions and has complied in all other respects with Ch. 34, Wis. Stats., is hereby designated as a public depository of the City to receive and hold such funds of the City as may from time to time be deposited therein.[1]
B.
Local government pooled investment fund.
(1)
The City is authorized to participate in the Wisconsin Local Government Pooled Investment Fund pursuant to § 25.50, Wis. Stats.
(2)
The City Treasurer is designated as the local official who may transfer City funds to the State Treasurer for deposit in the fund.
[Amended by Ord. No. 87-31; 7-5-2022 by Ord. No. 22-63]
(3)
The State Treasurer is authorized to accept telephone requests for withdrawal of City funds.
C.
Authorized and suitable investments. Authorized investments include any investment stipulated in Wisconsin Statutes § 66.0603(1m). In accordance with §§ 34.01(5) and 34.09, Wis. Stats., all Wisconsin banks, state and federal chartered, all financial institutions insured by the Federal Deposit Insurance Corporation (FDIC), as well as the Wisconsin Local Government Pooled Investment Fund, are authorized depositories.
[Amended by Ord. No. 87-32; Ord. No. 98-68; 12-15-2015 by Ord. No. 15-47]
D.
Delegation of authority. Management and administrative responsibility for the investment program of the City is entrusted to the City Treasurer under the direction of the Common Council. Individuals authorized to engage in investment transactions on behalf of the City are the Treasurer, the Mayor or those individuals designated by the Treasurer, Mayor or Common Council.
[Added 12-15-2015 by Ord. No. 15-47; amended 7-5-2022 by Ord. No. 22-63]