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12.16 Investment of Funds

(a) The City Treasurer is authorized to invest funds of the City in any of the following investments:

(1) Those investments that are legal for governmental entities as provided by statute;

(2) Bonds or other interest bearing obligations of any agency of the United States, and

(3) Repurchase agreements that are fully collateralized by obligations of the United States or any agency thereof.

(b) The City Treasurer shall adhere to the investment standards prescribed for pension and death and disability funds of the City by the Employee Retirement Income Security Act of 1974, as amended.