§ 30-02-050. Commercial paper.

Latest version.

(a)

The investment officer shall be authorized to invest in commercial paper when the yield on said instruments exceeds the highest bid from the local financial institutions by twenty-five (25) basis points.

(b)

Investment in commercial paper shall be limited to those notes rated A-1 by Moody's Investors' Service and P-1 by Standard & Poor's Corporation.

(c)

The investment officer shall not invest in excess of five (5) percent of the city's portfolio in the paper of a single issuer.

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

                    
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