§ 30-02-040. Banker's acceptances.

Latest version.

(a)

The investment officer shall be authorized to purchase banker's acceptances when the yield on said instruments exceeds the highest bid from the local financial institutions by twenty-five (25) basis points.

(b)

Investment in banker's acceptances shall be limited to those whose accepting bank qualifies for time deposits under the provisions of section 30-02-020.

(c)

The investment officer shall not invest in excess of five (5) percent of the city's portfolio in banker's acceptances of a single accepting bank.

(Ord. No. 722, 10-13-87)

                    
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