[HISTORY: Adopted by the City Commission
of the City of Parsons as § 1-110 of the 1963 Code (Ch.
2, Art. V of the 1985 Code). Amendments noted where applicable.]
The governing body may use a combination warrant
and check as provided by K.S.A. § 10-801 upon which both
a warrant and check are included, said combination warrant and check
to be issued by the Director of Finance and countersigned by the City
Manager and the City Treasurer.[1]
[1]
Editor's Note: Original § 2-72,
Purchase of equipment, which immediately followed this section and
was added 12-4-1975 by Ord. No. 4474, was repealed 1-16-1989 by Ord.
No. 5497.
[Added 3-15-1971 by Ord. No. 4208]
A.
Temporary investment.
(1)
Temporarily idle moneys of the City, not currently
needed, may, in accordance with the procedure hereafter prescribed,
be invested in:
(a)
Direct obligations of the United States government
which mature within one year from date of purchase and which are guaranteed
as to principal by the United States government;
(b)
Temporary notes of the City issued pursuant to K.S.A.
§ 10-123 as amended;
(c)
Interest-bearing certificates of deposit of banks
located in the City;
(d)
Insured savings and loan association accounts;
(e)
No-fund warrants of the City; or
(f)
General obligation bonds of the City.
(2)
No funds shall be invested hereunder the investment
of which is expressly limited by state law, and at all times an amount
of cash equal to the subsequent thirty-day period operating requirements
of the City shall remain uninvested in the depository bank of the
City.
B.
The City Manager 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 Manager 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 on demand deposit to assure prompt payment of all City obligations.
C.
Securities purchased pursuant to this section shall
be under the joint care of the City Clerk, City Treasurer and City
Manager 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 of 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 the personal presence
and under the signature of at least two of such officers.
D.
If, in order to maintain sufficient moneys on demand deposit in any fund, as provided in Subsection B, it becomes necessary to transfer or sell any securities of such funds, any two or more of the officers specified in Subsection C may transfer the securities to any other 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.
E.
The interest or other earnings from investments made
pursuant to this section shall be credited pro rata to the 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 Clerk shall
maintain a complete and detailed record at all times of all investments
made pursuant to this section.
