There is established a finance committee consisting of the city treasurer and the city clerk, which committee is authorized to invest any portion of the moneys of the city in its inactive funds or in other funds in excess of current needs in:
(1)
United States bonds;
(2)
United States certificates of indebtedness;
(3)
Bonds or warrants of this state;
(4)
General obligation or utility revenue bonds or warrants of its own or of any other city or town in the state;
(5)
Its own bonds or warrants of a local improvement or condemnation award district which is within the protection of the local improvement guaranty fund law; and
(6)
In other investments authorized by law.
(Ord. 519 § 1, 1965)