[Amended 3-9-1943; 4-27-1943; 11-10-1992 by Ord. No. 92-403]
A.
The Director of Finance is hereby authorized to invest any available moneys from the Local Improvement Fund, the several sinking funds, the Mt. Hope Cemetery and Riverside Cemetery repair funds, the Mt. Hope Cemetery and Riverside Cemetery contract funds and the Police and Fire Pension Fund of the City of Rochester in United States government securities and securities of the State of New York, the counties of the State of New York and the cities of the State of New York having a population of 50,000 or over, which securities shall be legal under the New York State Banking Law for the investment of savings banks and trust funds and also in securities of any town or district in the County of Monroe.
B.
The Director of Finance is also authorized to invest any available moneys from the Local Improvement Fund and the several sinking funds of the City of Rochester in notes, certificates of indebtedness and securities of the City of Rochester, heretofore or hereafter authorized to be issued by the Council, and the Director of Finance is further authorized to enter a bid on the sale of such notes, certificates of indebtedness and securities at a rate not to exceed the rate of 6% interest for the purchase of such notes, certificates of indebtedness and securities by the City of Rochester, from the funds hereinabove indicated.
C.
The Director of Finance is also authorized to invest any surplus funds derived from market revenues or water revenues in securities of the United States government or the City of Rochester having a maturity of not more than one year.