Excess and inactive funds on hand in the city treasury shall be invested in:
A.
Savings or time accounts in banks, trust companies and mutual savings banks which are doing business in the state, up to the amount of insurance afforded such accounts by the Federal Deposit Insurance Corporation; or
B.
Savings or time accounts with savings and loan associations, organized under either federal or state law which are doing business in the state, up to the amount of insurance afforded such accounts by the Federal Savings and Loan Insurance Corporation; or
C.
Certificates, notes, or bonds of the United States or other obligations of the United States or its agencies, or of any corporation wholly owned by the government of the United States; or
D.
Bonds or warrants or obligations of the state; or
E.
General obligation or utility revenue bonds or warrants of the city or any other city in the state; or
F.
The bonds, warrants or obligations of any of the city's local improvement districts.
(Ord. 308 § 1, 1979)