Lindsay Municipal Code § 3.28 Assessment, Levy And Collection Of City Taxes

All city cash shall be consolidated into one general bank account as set out in this code, and invested on a pooled concept basis.

Interest earnings shall be allocated quarterly to all city funds, sub-funds (accounts) and agencies generally based on the proportionate amount deposited to and held within the consolidated investment account for each city fund, sub-fund and agency.

(Ord. 470 § 3 (part), 1996)

Financial institutions and agents in which or with which the city has investments shall be monitored as to financial condition throughout the period in which the city has moneys deposited or invested or managed by such institution or agent, to assure that the condition of the institution or agent does not materially deteriorate so as to risk the city's investments.

(Ord. 470 § 3 (part), 1996)

The finance director each month shall submit an investment report to the city council, which report shall include all required elements as prescribed by California Government Code Section 53646. Additionally, at the option of the finance director, the report may include information regarding:

1. Interest earned to date;
2. Average weighted yield;
3. Average days to maturity;
4. Actual transactions;
5. Percent distribution to each type of investment. A quarterly and an annual investment report shall be made to the city council, following same format as the required monthly investment report.

(Ord. 470 § 3 (part), 1996)

Notwithstanding any other provision of this chapter, the city council authorizes the finance director to deposit and withdraw moneys to and from the California Local Agency Investment Fund as created by Government Code Section 16429.1 in accordance with the provisions of said Section 16429.1, for the purpose of investment as stated therein.

(Ord. 470 § 3 (part), 1996)