§ 2-8-2. INVESTMENT OF EXCESS CITY FUNDS.

(A)

The city manager and director of the Financial and Administrative Services Department may invest City deposits in conformity with Chapter 2256 ( Public Funds Investment Act ) of the Texas Government Code and the City's financial investment policy adopted under Section 2-8-11 ( Adoption of Policy ).

(B)

Excess funds described in Subsection (A) may:

(1)

be made in a short term maturity obligation of the United States, the state, the county, or the City; and

(2)

not be invested in an obligation with a maturity date later than the date of a principal or interest payment date of the invested bond or sinking fund.

Source: 1992 Code Section 5-1-1; Ord. 031204-9; Ord. 031211-11.