Temporarily idle monies of the City of Wakefield not currently needed may, be invested in accordance with the provisions of K.S.A. 12-1675, as amended. The provisions of this Article shall not apply to any fund of the City, the investment of which is expressly authorized or limited or prohibited by law.
(K.S.A. 12-1675; R.O. 1965, 1-601)
The City Clerk and City Treasurer shall periodically report to the Governing Body as to the amounts of monies available for investment and the period of time such amount will be available for investment, and shall submit recommendations for the secure and safe management of City finances. Said investment program shall provide that the City will at all times have sufficient monies available on demand deposit to ensure prompt payment of all City obligations.
(R.O. 1965, 1-602)
The interest or other earnings from investments made pursuant to this Article shall be credited pro rata to the fund or funds from which the investments were made and shall be used, so far as possible, to relieve the ad valorem tax levies of the City. There shall be maintained a complete and detailed record at all times of all investments made pursuant to this Article.
(R.O. 1965, 1-605)