It is the purpose of this, statement to set forth the public policies of the City relating to the investment of public moneys, and establish procedural requirements as to investment management practices. The objective of the investment policy and program of the City shall be as follows:
(a) 
The safeguarding of all public moneys shall be of the highest priority. Public money shall not be invested or managed in any matter which would jeopardize the safety of the principal.
(b) 
Consistent with the requirement of safety, the objective of the investment program shall be to aggressively manage and invest all public moneys to maximize net earnings, consistent with the public responsibility to secure maximum, safe investment return possible from moneys assigned to its stewardship, to relieve demands on the property tax and to otherwise reduce the cost of public services.
[Amended 7-7-2015 by Ord. No. 200]
(a) 
Temporarily idle moneys 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 years:
a. 
In commercial banks which have offices located in such investing governmental unit; or
b. 
In commercial banks which have offices in the county or counties in which all or part of such investing governmental unit is located; or
c. 
If satisfactory security cannot be obtained in commercial banks set forth in Subsection (a)(2)a or b, then in such commercial banks which have main or branch offices in an adjoining county 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 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. 
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; or
c. 
If satisfactory security cannot be obtained with state or federally chartered savings and loan associations or federally chartered savings banks as set forth in Subsection (a)(3)a or b, then in such state or federally chartered savings and loan associations or federally chartered savings banks which have main or branch offices in an adjoining county 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. 
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
c. 
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 Subsection (1) of K.S.A. 75-4201, 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 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) 
In the municipal investment pool fund;
(7) 
In the investments authorized and in accordance with the conditions prescribed in Section 2 of the Municipal Investment Pool Fund Act;
(8) 
In 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 moneys 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 moneys under this paragraph shall be limited to those investments authorized under Subsection (b) of Section 1 of the Municipal Investment Pool Fund Act.
(b) 
The investments authorized in Subsection (a)(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 Subsection (a)(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 Subsection (1) of K.S.A. 75-4201, and amendments thereto. (K.S.A. 12-1675, as amended).
The City Treasurer 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 City Treasurer 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 m demand deposit to assure prompt payment of all City obligations. The governing body shall determine by resolution the amount, method and term of any investment and the type of investment made, subject to the provisions of this ordinance.
Securities purchased pursuant to this ordinance shall be under the joint care of the City Clerk, City Treasurer and Mayor and shall be held in the custody of a state or national bank or trust company, or shall be kept by such officers in a safety deposit box of the City in a bank or trust company. Securities in original or receipt form 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. Securities not held in the 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 personal presence and under the signature of at least two such officers.
If, in order to maintain sufficient moneys on demand deposit in any fund, as provided in Section 1-803 of this ordinance, it becomes necessary to transfer or sell any securities of such funds, any two or more of the officers specified in Section 1-804 my transfer said securities to any other fund or funds in which there are temporarily idle moneys, or shall sell such securities and for such purpose they shall have authority to make any necessary written directions, endorsements or assignments 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.
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 Treasurer shall maintain a complete and detailed record at all times of all investments made pursuant to this ordinance.
Proceeds from the sale according to law of recovered, unclaimed, or confiscated property shall be deposited in the general operating fund of the City for use as authorized for those funds.