HomeMy WebLinkAbout1957-04 01-22 CCO CHAPTER 10 - INVESTMENTS
AN ORDINANCE AUTHORIZING INVESTMENT OF CERTAIN
MONEYS IN UNITED STATES SECURITIES.
Section 10 -101. MONETARY DEPOSIT REQUIREMENTS. Whenever there is
required to be posted with the Village of Brooklyn Center a bond conditioned
upon the performing or doing of any act or acts which bond is given as security
for the performance of such acts and in lieu thereof the person charged with
the responsibility of osting or supplying said bond elects to tender a
certified check, bank draft or similar negotiable instrument, the tender of
such check or draft ihali lie subject tO the provisions of this ordinance.
Section 10 -102. DEPOSIT AND SAFE KEEPING. All,certified checks,
bank drafts or similar negotiable instruments which are accepted by the
Village Council under Section 101 of this ordinance shall be deposited in
the investment trust fund of Brooklyn Center. Such money may be commingled
with other moneys in said investment trust fund and may be invested or rein-
vested in United States Government securities.
Section 10 -103. INVESTMENT ACCOUNTING. There shall be maintained
an accurate account of such checks so deposited. The funds so deposited shall
not be used for any purpose other than for investment and there shall be
maintained in said account or to the credit thereof at all times investments
in United States securities together with the cash balance in said account in
excess of the amount of checks so deposited.
Section 10 -104. EARNING DISTRIBUTION. All interest earned by the
investment of the moneys deposited in said account shall belong to the Village.
Section 10 -105. REFUNDS, The Village Council shall invest such
funds only in such manner as will permit reasonably prompt payment or return
of the amount of any such certified check or draft whenever the depositor
shall be entitled to the return thereof.
(Originally passed January 22, 1957)